The Money Laundering Reporting Officer (MLRO) is a statutory function for Irish domiciled funds, tasked with reporting to a fund’s board of directors. Although day-to-day anti-money laundering (AML) checks may be delegated to the administrator, the MLRO is responsible for receiving information from any party that might indicate possible suspicious transactions and processing that information accordingly.
Carne has a team of professionals that hold the position of MLRO for a large number of funds serviced by some of the leading administrators in the market. We perform the essential function of assisting the boards of directors of client funds with regard to AML and providing AML specific regulatory updates, annual training and drafting and maintaining fund specific AML policies.
This will include maintaining a register of suspicious transactions and reporting these to local law enforcement and revenue authorities where appropriate.
The MLRO is the point of contact for all suspicious transactions and will need to be an appropriately experienced and sufficiently senior individual. They will require an in-depth knowledge of current legislation and regulations surrounding anti-money laundering procedures and have the experience to be able to identify, manage and resolve AML-related issues.
AML is an area of increasing focus by the Central Bank of Ireland with a number of fund specific inspections carried out during 2014.
Sarah Murphy has overall responsibility for Carne’s Company Secretarial Department, providing company secretarial services to a varied portfolio of funds domiciled in Ireland and other jurisdictions. Her team oversees many of the support services Carne delivers to fund boards while also keeping abreast of the latest developments in regulation and governance best practice that affect Carne’s client funds.
Sarah has spent over 15 years in demanding corporate secretarial roles, working with funds and on corporate transactions in a wide range of jurisdictions. This has required detailed knowledge of tax and filing obligations, listing requirements, and corporate legislation. She also works closely with service providers and fund directors to meet overall regulatory and governance objectives.
Sarah joined Carne from BDO where she was a Senior Manager in the Corporate Services Department. This included having overall responsibility for a varied client portfolio of over 600 companies. Sarah also worked for BDO in Sydney.
Sarah is a Fellow of the Institute of Chartered Secretaries and Administrators and holds a Diploma in Professional Administration from the Waterford Institute of Technology.
Dave is an associate director with Carne and money laundering reporting officer (MLRO) with over 10 years’ experience in the financial services industry. His specialist areas are anti-money laundering (AML) and the Transfer Agency sector.
Dave serves as MLRO for a number of Irish funds. Dave has experience with a wide range of different fund structures and regulatory requirements. Dave has extensive knowledge of the Criminal Justice Acts 2010 and 2013 (the Acts) and has worked in AML specific roles for over nine years. Dave was involved in developing and delivering annual AML training for all BNY Mellon AIS Transfer Agency staff. Dave has also played a pivotal role in a number of key AML initiatives within BNY Mellon such as:
Before joining Carne, Dave was Senior Manager in the Transfer Agency AML department of BNY Mellon where he worked for seven years and prior to that was employed by Merrill Lynch International. Dave holds a Bachelor of Science degree from Dublin City University.