The place where reports to the organisation's MLRO, and to the regulator are evidenced. This includes statistical returns, disclosures and ML/FT enquiries.
Anatomy
The reporting page is split into the following sections:
ML/FT Enquiries: Where money laundering and financing of terrorism enquiries are made, stored and managed.
Disclosures: Where disclosures are made, stored and managed.
Relevant Legislation/Guidance
The Code 2019 - 23 Money Laundering Reporting Officer
(1) A relevant person must appoint a Money Laundering Reporting Officer (“MLRO”) to exercise the functions required under paragraphs 25 and 27.
(2) To be effective in the exercise of those functions an MLRO must –
(a) be sufficiently senior in the organisation of the relevant person or have sufficient experience and authority;
(b) have a right of direct access to the officers of the relevant person;
(c) have sufficient time and resources to properly discharge the responsibilities of the position; and
(d) retain responsibility for all external disclosures, including where a branch or subsidiary is in another jurisdiction.
(3) A relevant person may appoint a Deputy Money Laundering Reporting Officer (“Deputy MLRO”) in order to exercise the functions required under paragraphs 25 and 27 in the MLRO’s absence.
A relevant person must establish, record, maintain and operate reporting procedures and controls that –
(a) enable its officers and all other persons involved in its management, and all appropriate employees and workers to know to whom any suspicious activity is to be disclosed;
(b) ensure that there is a clear reporting chain to the MLRO;
(c) require an internal disclosure to be made to the MLRO if any information, or other matters that come to the attention of the person handling that business, are in that person’s opinion suspicious activity;
(d) ensure that the MLRO has full access to any other information that may be of assistance and that is available to the relevant person;
(e) require the MLRO to consider internal disclosures in light of all other relevant information available to the MLRO for the purpose of determining whether the activity is, in the MLRO’s opinion, suspicious activity;
(f) enable the information to be provided as soon as is practicable to the Financial Intelligence Unit as an external disclosure if the MLRO knows or suspects, or has reasonable grounds for knowing or suspecting, that the activity is ML/TF and;
(g) ensure the registers required by paragraphs 28 and 29 are maintained and completed in accordance with those paragraphs.
