The FSA Rules in “Senior Management Arrangements, Systems and Controls” (SYSC) require senior management to commission a report, at least annually, from the firm’s Money Laundering reporting Officer (MLRO) on the operation and effectiveness of the firm’s systems and controls.

 

This requirement from the regulator is one of the tools they use in their efforts to meet one of their statutory objectives: a reduction in financial crime in the financial services industry.

 

Whilst senior management have the ultimate responsibility for maintaining effective systems and controls to manage the risk of the firm being involved in financial crime, the MLRO is required to provide them with an opinion of their adequacy, on at least an annual basis.

 

The frequency of the MLRO reports will be a matter for senior management. However, it is expected that firms with a percieved higher risk of an involvement in financial crime should consider commissioning a report from the MLRO on a more frquent basis.

 

This course is specifically designed to assist MLROs to produce reports that will address all of the issues that are seen as falling within the scope of the firms appropriate systems and controls.