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… the MLRO must then report any knowledge or suspicion to the National Crime Agency (NCA). Examples would be where there have been cash payments evidenced in the accounts of €10,000 or more.
The NCA have .ve days to investigate in order to see if money laundering has taken place. During or at the end of this five day period they can either refuse or give permission for the IP to proceed with the matter – if they do not respond, the transaction can go ahead.
If the NCA give permission – the transaction can go ahead.
If the NCA refuse – a 31 day moratorium is triggered in which the transaction cannot go ahead.
Tipping off – as soon as suspicions are reported to the MLRO it becomes an offence to ‘tip off’; this is to tell anyone of the suspicions or of reporting those suspicions.
[See ‘Placement’, ‘Layering’, ‘Integration’, ‘Insolvency Practitioner’, ‘Money Laundering Reporting Officer’, ‘MLRO’, ‘National Crime Agency’, ‘NCA’ and ‘Tipping Off’.]
Statute requires that all businesses within the ‘regulated sector’ must have a nominated Money Laundering Reporting Officer (MLRO). The ‘regulated sector’ includes financial sector firms, including banks, building societies and other credit institutions, currency exchanges, auditors, Insolvency Practitioners, external accountants and tax advisers.
The MLRO is responsible for ensuring that, when appropriate, the information or other matter leading to knowledge or suspicion, or reasonable grounds for knowledge or suspicion of money laundering is properly disclosed to the relevant authority.
An MLRO should be of sufficient seniority within the business to make decisions on reporting which can impact a business’s relations with its clients and its exposure to criminal, civil, regulatory and disciplinary sanctions. They should also be in a position of sufficient responsibility to enable them to have access to all of
