Which role within an authorised firm is responsible for establishing anti-money laundering systems?

The role responsible for establishing anti-money laundering systems within an authorised firm is that of the money laundering reporting officer (MLRO). The MLRO is tasked with ensuring that the firm complies with legislation regarding money laundering and financial crime. This role includes developing and implementing policies and procedures that help mitigate the risk of money laundering. The MLRO also oversees training initiatives for staff, monitors compliance with anti-money laundering regulations, and serves as the point of contact for any suspicious activity reports that must be submitted to regulatory authorities.

While other positions such as the compliance manager and the Chief Executive may have roles in compliance frameworks and overall governance, the specific duties of establishing and maintaining an effective anti-money laundering system are designated to the MLRO. The apportionment and oversight officer does not typically handle anti-money laundering responsibilities, focusing instead on different aspects of financial management within the firm.