The MLRO report is a cornerstone of the Financial Crime Framework and is fundamental in providing a comprehensive overview, to the executive committee of an organisation, regarding the status and effectiveness of anti-money laundering (and other anti-financial crime) risks and controls. The report should be presented at least annually and minuted to evidence senior management acknowledgement of the risks, controls and enhancements required.
This MLRO Report template is provided in Word format over 11 pages and 3,305 words. Elements in [square brackets] require editing to make it specific to your organisation.
Design is based on financial services organisations globally and covers the following aspects:
1. Executive Summary
2. Scope
3. Financial Crime Governance
3.1 MLRO Responsibilities
3.2 Governance Committee
3.3 Risk Appetite
3.4 Structure and Resources
4. Systems and Controls
4.1 Training
4.2 Risk Assessment and Policies
4.3 Transaction Monitoring and Filtering
4.4 Management Information
4.5 New Products and Services
4.6 Current Enhancement Projects
4.7 Compliance Monitoring
5. Business Issues
5.1 Business Relationship
5.2 Business Products
5.3 Due Diligence
5.4 Risk Rating Methodoology
5.5 Suspicious Activity Reports
5.6 Regulatory Developments
5.7 Record Keeping
6. Conclusion and Actions
6.1 Overall Control Framework
6.2 Recommendations for Action