Payments firms, e-money businesses, cryptoasset companies, wealth managers, lenders, brokers, accountancy practices, estate agents and many others are covered by the UK’s money laundering rules, and most of them need someone formally responsible for reporting suspicions to the authorities.
For a growing business, the question is rarely whether the rules apply. It is who should take on the role, how much of their time it needs, and which parts of the work can sensibly be handed to someone outside the business.
Who Needs an MLRO?
Businesses within the scope of the Money Laundering Regulations 2017 must have a nominated officer: the person who receives internal reports of suspected money laundering and decides whether to report them to the National Crime Agency. In most regulated firms, that person is the MLRO.
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