Regulatory Alerts2020-07-21
Added · Updated
Guidance Paper on What is a Money Laundering Reporting Officer
Subject Persons must appoint a Money Laundering Reporting Officer (MLRO) who holds sufficient seniority, independence, and authority to make informed decisions regarding Suspicious Transaction Reports without external pressure. The MLRO role cannot be outsourced due to confidentiality requirements and requires prior approval from the Malta Financial Services Authority. Individuals in this position face administrative penalties of up to Euro 250,000 for breaches and potential prison sentences of up to 18 years for complicity in money laundering.
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