Authority, Independence & Resources - What’s New for MLROs & MLCOs?

Introduction

The SRA recently released a report and guidance around the role of the MLRO and the MLCO.

The report is a result of work carried out on selected law firms questioning the MLRO and MLCO to try to get a better understanding of what it means to hold both of these important and challenging roles. The report looks at the people who hold these roles, the challenges they face, what lessons have been learned and shares knowledge of how to manage a law firm’s AML regime successfully.

The report also looks at three essential aspects and attributes of being MLRO and MLCO - Authority, Independence and Resources.

This virtual classroom seminar will examine the findings of the report and put them into practical advice and scenarios to assist both new and seasoned MLRO’s and MLCO’s in their roles using the three pillars of authority, independence and resources.

It will also review the guidance and checklists which the SRA has released using their findings in this report.

What You Will Learn

This live and interactive session will cover the following:

• Setting the scene
• The obligations under the MLR 2017
• What is an AML Officer? The roles and responsibilities of the MLRO and MLCO
• The Three Pillars:
• Authority
• Who should be the MLRO and MLCO?
• Leading by example
• Looking at the firm’s risk-based approach
• The requirement for a firm-wide risk assessment
• How to test the firm’s AML regime
• Good practice
• Independence
• What this means in the role of the MLRO and MLCO
• Dealing with resistance from colleagues
• Dealing with resistance from clients
• Good practice
• Resources
• What support the MLRO and MLCO should expect
• Do you have a deputy?
• Time - getting the balance right
• Training - the right training at the right time for the right people
• Balancing commercial interests and AML obligations
• Good practice
• SRA guidance for the MLRO and MLCO together with a checklist for each role for the first day, week, month and year

Quick Quiz - Test Your Knowledge: Money Laundering

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.