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This subtopic sets out when organisations must appoint a nominated officer (sometimes referred to as a money laundering reporting officer or MLRO) and a money laundering compliance officer (MLCO), the duties attached to each role and practical steps to comply with regulatory requirements and regulators’ expectations. This subtopic reflects the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. However, you will need to consider whether your anti-money laundering (AML) supervisory authority imposes any sector-specific requirements in relation to either role.

For detailed guidance, see Practice Notes: Money Laundering Regulations 2017—nominated officer and Money laundering compliance officer. See also Precedents:

1. •

   Money Laundering Regulations 2017—nominated officer job description and role profile

2. •

   MLCO and nominated officer—combined job description and role profile

3. •

   Money laundering compliance officer—MLCO—job description and role profile