Anti-money Laundering Officer

1 month ago

London, United Kingdom Salar Exchange Full time

The Money Laundering Reporting Officer (MLRO) is a key role within the organization responsible for overseeing and ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations in the United Kingdom. The MLRO's primary focus is to implement robust AML controls, monitor transactions, and report any suspicious activities to the relevant authorities. The MLRO will work closely with internal stakeholders, senior management, and regulatory bodies to maintain a strong culture of compliance and mitigate the risk of money laundering within the organization.

**Responsibilities**:

- Develop and implement AML and CTF policies and procedures: Design and maintain effective AML and CTF policies, procedures, and controls, ensuring they align with UK regulations, including the Money Laundering Regulations and the Proceeds of Crime Act.
- Conduct risk assessments: Identify and assess money laundering and terrorist financing risks specific to the organization. Analyze operational processes, customer profiles, and geographical factors to identify vulnerabilities and implement appropriate risk mitigation strategies.
- Monitor transactions and conduct due diligence: Monitor and review customer transactions, conduct thorough due diligence checks, and assess the adequacy of customer identification procedures. Implement enhanced due diligence measures for high-risk clients and ongoing monitoring of customer accounts.
- Suspicious activity reporting: Detect and investigate suspicious activities and transactions within the organization. Prepare and submit Suspicious Activity Reports (SARs) to the National Crime Agency (NCA) or other relevant authorities in accordance with UK regulations and guidelines.
- Internal training and awareness: Develop and deliver AML and CTF training programs to raise awareness and understanding among employees. Provide regular updates on new regulations, emerging risks, and best practices related to money laundering prevention.
- Compliance monitoring and reporting: Conduct regular reviews and audits to ensure compliance with AML and CTF regulations. Prepare reports on compliance status, highlighting any areas of concern or improvement, and present findings to senior management and regulatory bodies as required.
- Regulatory engagement: Maintain up-to-date knowledge of AML and CTF regulations, guidance, and industry best practices. Engage with regulatory bodies, such as the Financial Conduct Authority (FCA) and the NCA, to stay informed about regulatory changes, participate in consultations, and represent the organization's AML interests.
- Recordkeeping and documentation: Ensure accurate and comprehensive recordkeeping of AML activities, including customer identification records, SARs, and transaction monitoring reports. Maintain a centralized database of AML-related documents and provide assistance during internal and external audits.
- Collaboration and coordination: Collaborate with internal stakeholders, including compliance, legal, risk management, and internal audit teams, to implement effective AML controls and foster a culture of compliance across the organization. Provide guidance and support on AML-related matters to various departments.
- Continuous improvement: Stay informed about emerging AML risks, industry developments, and regulatory changes. Continuously evaluate and enhance the organization's AML framework, policies, and procedures to adapt to evolving threats and ensure compliance with the latest standards.

Qualifications and Experience:

- Bachelor's degree in a relevant field (e.g., finance, business, law) or equivalent practical experience.
- In-depth knowledge of UK AML and CTF regulations, including the Money Laundering Regulations and the Proceeds of Crime Act.
- Proven experience working in a similar AML compliance role, preferably as an MLRO or Deputy MLRO, within the UK financial services sector.
- Strong understanding of AML risk assessment methodologies, customer due diligence procedures, transaction monitoring, and suspicious activity reporting.
- Familiarity with relevant regulatory bodies, such as the FCA and the NCA, and experience in engaging with them on AML

ACAMS Qualified

**Job Types**: Full-time, Freelance

**Salary**: £30,000.00-£35,000.00 per year

**Benefits**:

- Company pension

Schedule:

- 8 hour shift
- Monday to Friday

Supplemental pay types:

- Yearly bonus

Work Location: Hybrid remote in London

Application deadline: 14/07/2023

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