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What to do when AML is flagged for Sanctions?
What to do when AML is flagged for Sanctions?
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Written by Yazad Bajina
Updated over a week ago

What is a Sanction?

A sanction is a preventative measure often implemented by governments and international bodies to change behaviour, prohibit illicit activity and curb undesirable actions by certain high-risk persons or groups.

What is a MLRO Officer?

The UKā€™s Money Laundering Regulations 2007 highlights that all businesses within the regulated financial services sector are required to appoint a Money Laundering Reporting Officer (MLRO).

The MLRO - sometimes referred to as a 'nominated officer' - provides oversight for their firm's anti-money laundering (AML) systems and acts as a focal point for related inquiries. Not only is having a Money Laundering Reporting Officer a legal requirement, but it can also help with:

  • Have a ā€œnominated officerā€ for employees to report suspicious activity too.

  • Documenting your anti-money laundering policies and procedures.

What to do when Sanction has been flagged?

If a Sanction has been flagged on your Checkboard report, you MUST report instantly to your nominated Money Laundering Reporting Officer regarding the suspicious activity and make suspicious activity reports to the National Crime Agency. The nominated officer can delegate responsibilities but must do so clearly and in writing.

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