Making sure you are tackling money laundering - complying with the money-laundering regulations
07 February 2019
Following a data collection exercise we held last year, we made some changes to the mySRA system to reflect legislative requirements. You and others in your firm might notice that your profile has changed and new roles have been assigned to you.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 mean that we have to capture information about role-holders within certain firms. Firms that were captured by the scope of the Money Laundering Regulations should have:
- a Money Laundering Reporting Officer (MLRO)
- a Money Laundering Compliance Officer (MLCO), and
- applied for approval of anyone who falls under the definitions of beneficial owner, officer or manager in the regulations.
We call approved beneficial owners, officers and managers “anti-money laundering officers (AMLOs)” on mySRA. You must keep the information on these individuals up to date, as acting in this role without having applied for approval is a criminal offence.
If you then delete any of the AMLO roles, that person will no longer be approved. If anyone sees this information in your mySRA profile, they should check with you, as the person who is responsible for filling in your firm information, before deleting.
The only reason to remove this role is if the person has left the firm or changed role. If new people have been appointed to AMLO roles, we need to be informed as soon as is reasonably practicable by completing a FA10b form, which is available here: