Irish-domiciled funds require an experienced Money Laundering Reporting Officer to supervise anti-money laundering processes.
The Money Laundering Reporting Officer (MLRO) is a statutory function, tasked with reporting to a fund’s board of directors. Although day-to-day anti-money laundering 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.
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 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 in 2014. 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 and the boards of directors of client funds with regard to AML and providing AML specific regulatory updates, providing annual AML training and drafting and maintaining fund specific AML policies. Contact us to find out more about our MLRO program.