Money Laundering Regulations 2017—nominated officer

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Practice notes

In-house

Money Laundering Regulations 2017—nominated officer

Published by a ��˾��ҹ�� Risk & Compliance expert

Practice notes

In-house

This Practice Note sets out when organisations must appoint a nominated officer (sometimes referred to as a money laundering reporting officer or MLRO), the duties of the nominated officer and practical steps nominated officers can take to fulfil their role. It reflects the requirements of the Money Laundering Regulations 2017, SI 2017/692 (MLR 2017), as amended. It provides guidance which is of general application. You should check whether your regulatory body has any additional, sector specific requirements in relation to nominated officers.

What is a nominated officer?

A nominated officer is a person who is nominated to receive and consider suspicious activity reports (SARs) under the Terrorism Act 2000 (TA 2000) and the Proceeds of Crime Act 2002 (POCA 2002). They are also expected to make external SARs to the National Crime Agency (NCA).

The nominated officer is not the same as the MLCO, ie the board-level person appointed as the officer responsible for the organisation’s compliance with the MLR 2017—see section: Internal relationships.

Do you have to appoint a nominated officer?

Not

Jurisdiction(s):

United Kingdom

Key definition:

Money laundering definition

What does Money laundering mean?

money laundering or the use or process of taking the proceeds of criminal activities and making them appear legal is an activity which bankers are required to prevent and report under certain regulations.

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