Money Laundering Compliance Officer
The Money Laundering Compliance Officer is a senior individual responsible under MLR 2017 Regulation 21 for overseeing a firm's overall AML compliance programme — including the firm-wide risk assessment, policies, training, and the relationship with the supervisor. In SRA-regulated firms, the MLCO is a distinct role from the MLRO: the MLCO owns the AML *system*; the MLRO owns SAR reporting under POCA.
many smaller law firms combine the MLCO and MLRO into one role held by the same person, but the appointment must be formal and recorded. The MLCO must be sufficiently senior — typically a partner or director — to enforce changes across the firm.
Other terms that go with Money Laundering Compliance Officer
A Money Laundering Reporting Officer is the individual within a regulated business who is responsible for receiving internal suspicious activity reports, deciding whether to submit external SARs to the National Crime Agency, and overseeing the firm's AML compliance programme. Appointing an MLRO is a legal requirement for businesses within the scope of MLR 2017. In SRA-regulated law firms, the MLRO role sits alongside the Money Laundering Compliance Officer (MLCO) — the MLRO owns SAR reporting under POCA; the MLCO owns the firm's overall AML system under MLR 2017.
The Nominated Officer is the individual designated under POCA s.330(3) and s.338 to receive internal disclosures of suspicion about money laundering, and to file SARs with the NCA. In businesses subject to MLR 2017, this role is typically combined with the MLRO role into a single position — but POCA and MLR 2017 are technically separate obligations, and the legal references differ.
The Solicitors Regulation Authority is the independent regulator of solicitors and law firms in England and Wales. It is the supervisory authority under MLR 2017 for SRA-regulated firms — issuing AML guidance, conducting thematic and on-site reviews, and imposing fines, conditions, or strike-offs for failures. SRA fines for individual AML breaches can reach £25,000; firm-level fines can exceed £250m for traditional firms (lower caps apply to alternative business structures).
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