What is an MLRO? The person in charge of anti-money-laundering
By SendPay Business · · 2 min read
An MLRO, or money laundering reporting officer, is the person in a firm responsible for its anti-money-laundering controls and for deciding whether to report suspicious activity to the authorities. In UK law the role is often called the nominated officer.
What an MLRO does
- Receives internal reports of suspicious activity from staff.
- Decides whether to file a suspicious activity report.
- Oversees the firm's anti-money-laundering policies and training.
- Reports to senior management on money laundering risk.
Who needs one
In the UK, firms covered by the Money Laundering Regulations, such as banks, e-money and payment institutions, crypto firms, accountants and estate agents, must appoint a nominated officer. In firms regulated by the FCA, the MLRO is usually a senior role that the FCA must approve.
Why it matters
The MLRO is personally accountable. Getting reporting decisions wrong can lead to fines for the firm and, in serious cases, criminal liability for the individual. Regulators and banking partners will usually ask who your MLRO is before working with you.
Where SendPay fits
Every SendPay platform includes customer identity verification at sign-up, powered by licensed partners. Appointing an MLRO and running your own anti-money-laundering programme remain your responsibility, and SendPay's free licence specialist introductions can help you find the right people.
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What is a suspicious activity report?
The report an MLRO decides whether to file.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.