Anti-Money Laundering

Paragraph 9 of the „Compliance by banks at group level“, Working Drafts of the Council of the Commission, entitled „Compliance with the anti-money laundering directive by cross-border banking groups at group level“, dated 30 June 2009, there is mention to the obligation to implement „compliance” with the AML (anti-money laundering) legislation within the EU. Paragraph 10 explicitly states that the central role of AML within the banking organization has the anti-money laundering officer.

In most countries, MLRO (Money Laundering Reporting Officer) is of a binding nature. The position within the bank structure is discussed in point 11. „MLRO normally holds a high position within the company and is part of the compliance function, but MLRO will not necessarily be the chief of compliance.”

 

„MLRO normally holds a high position within the company and is part of the compliance function, but MLRO will not necessarily be the chief of compliance.“

Speak the truth even if it makes you voice shake

Top