About MLRO 3 R’s

Money laundering is the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. It is a crime that impacts the society and the financial situation of the nation. To combat the same, government has set up Governing Bodies, different Laws and Regulations.

Money service businesses (MSBs) are major targets of money laundering and terrorist financing (ML & TF) activities. To be able to detect, be extra vigilant and to report any activity that sounds suspicious of money laundering, every MSB should have a system in place. This system is manned by a money laundering reporting officer (MLRO).  

MSBs can be held liable for not reporting any suspicious activity to the National Crime Agency, related to the ML / TF, even after having information or suspect about money laundering or terrorist financing activity. Therefore, it becomes extremely important for the MLRO to be totally aware of the most recent trend in money laundering and the process of reporting a suspicious activity.

In the course titled - “MLRO 3 R’s”, you will be mentored on the prerequisites of becoming an MLRO.  You will also be guided through the process of customer due diligence (CDD) and when to conduct enhanced due diligence (EDD). You will also learn the importance of keeping the relevant records accurate and up-to-date.

Slip up in reporting any ML/TF activity may lead to legal consequences and even cancellation of licence. Hence, making a suspicious activity report (SAR) is very crucial. You will be guided through the process of SAR reporting and risk-based approach.

By the end of the course, you will be well versed in:

  • Who can be an MLRO?

  • The responsibilities of an MLRO

  • Customer due diligence

  • How to report suspicious activity?

  • How to maintain proper records? Consequences of failed to maintain the records.

  • Risk-based approach

  • Identifying risks and performing a risk-based approach

  • The various measures in which an MLRO can mitigate risks

The highlights of this course are:

  • It is an online course

  • Easy to understand, simple ‘English Terms’ used throughout the course

  • Scenario-based learning (Examples from day-to-day transactions in an MSB included wherever applicable)

  • Hassle-free online assessment

  • CPD certified course

  • Approximate duration of the course is 1 Hour and 10 minutes.

  • Certified course – free downloadable certificate will be issued on successful completion of the assessment at the end of the course.

Who will be benefited from this course?

  • Suitable for the people connected to the money service business (MSB) – both management and staff members.

  • Also useful for the people who deal in high value commodities such as jewellery and real estate business.

  • Also useful for individuals seeking employment in an MSB.

Course curriculum

    1. Course Introduction

    1. Chapter 1 - Prerequisites of becoming a MLRO - Duration 15 minutes

    2. How well did you understand the chapter?

    1. Chapter 2 - Customer Due Diligence - Duration 20 minutes

    2. How well did you understand the chapter?

    1. Chapter 3 - Risk Based Approach - Duration 20 minutes

    2. How well did you understand the chapter?

    1. Chapter 4 - SAR Reporting - Duration 15 minutes

    2. How well did you understand the chapter?

    1. Test Your Skills - 80% score is required to get certified

About this course

  • £59.00
  • 10 lessons

Get Your Certificate Today..!