A critical analysis of the money laundering reporting officer's role

Abstract

Money Laundering Report Officers (MLRO) have regularly been given anti-money laundering (AML) measures. Money Laundering (ML) increased the responsibilities which are expected from a MLRO. However, these obligations have evolved due to technological progress throughout the years. This thesis will look into the influence of technology in this position, including the opportunities and obstacles faced by this role. This research aims to offer the reader a better understanding of the duties of a MLRO and how technology has altered this role. It also seeks to reduce ML to the greatest extent feasible by providing those interested in this position or in the existing position to understand the obligations of a MLRO in order to carry out each duty properly. The research will focus on the concepts of ML and MLRO, as well as the opportunities and challenges presented by the use of technology. In order to do this, a qualitative research in the form of a semi structured questionnaire was conducted. While the understanding of ML has not changed over the years, the expectations of a MLRO have expanded. MLROs are required to do additional duties since ML has grown a result of technological progress. Requirements are continually changing and a MLRO must be able to comply with them despite their complexity.