A relevant firm has to appoint an individual as its MLRO (see ML 7.1.5 R). Under section 59 of the Act, the function of acting in the capacity of the MLRO has been specified as a controlled function (see SUP 10.1.13 R). As a consequence, any individual invited to perform that function must be individually approved by the FSA, on the application of the relevant firm, before performing the function. The job of the MLRO is to act as the focal point within the relevant firm for the oversight of all activity relating to anti-money laundering. He needs to be senior, to be free to act on his own authority and to be informed of any relevant knowledge or suspicion in the relevant firm. In turn he has to pass on issues to NCIS as he thinks appropriate. He can be expected to liaise with NCIS on any question whether to proceed with a transaction in the circumstances.
If a relevant firm that is a member of a group chooses the approach in ML 7.1.2 G, it may wish to permit the MLRO to delegate anti-money laundering duties to other suitably qualified individuals within the relevant firm . Similarly some relevant firms, particularly those with a number of branches or offices in different locations, may wish to permit the MLRO to delegate such duties within the relevant firm. Where anti-money laundering tasks are delegated by a relevant firm'sMLRO, the FSA will expect the MLRO to take ultimate managerial responsibility for ensuring that the duties imposed on the MLRO by this sourcebook are complied with. The responsibilities to be discharged by the MLRO are set out in ML 7.1.11 R.
"Sufficient resources" should include arrangements to apply in any temporary absence of the MLRO, who should take reasonable steps to ensure the adequacy of such arrangements. An individual who performs the role of MLRO for a period of less than 12 weeks in a consecutive 12 month period does not need approval by the FSA (see SUP 10.5.5 R (periods of less than 12 weeks)).
receiving internal reports under ML 4.1;
taking reasonable steps to access any relevant know your business information;
obtaining and using national and international findings under ML 5;
taking reasonable steps to establish and maintain adequate arrangements for awareness and training (whether by himself or someone else) under ML 6; and