Purpose of the role:
The MLRO is a key senior role within the Risk and AML team. Specifically, the MLRO is responsible for assisting the Nominated Officer in ensuring that the business has systems, controls and procedures in place to prevent financial crime and remove the risk of money laundering or terrorist financing within its business.
The role is responsible for receiving, evaluating and the external submission of suspicious activity reports (SARs) as set out under regulation. In addition, they will implement and oversee (on a day-to-day basis) the businesses AML second lines of defense. This involves the effectiveness of risk frameworks and their associated controls for our licensed entities.
In conjunction with the Nominated Officer the MLRO will be responsible for providing sound regulatory advice to C-Level and the Boards of Directors on all matters relating to AML, including, but not limited to: customer suspicious activity; fraud; bribery & corruption; sanctions/embargoes; and countering terrorist financing. Fluency in Mandarin is required.
They will also assist the Nominated Officer with assessing business AML/CTF compliance, identifying potential weaknesses and initiate measures to rectify them.
Key Responsibilities / Duties:
- Accountable to the Nominated Officer, the Executive, the Board of Directors, and external regulators for ensuring adherence to regulations relating to money laundering and terrorist financing.
- Identifying areas of MLTF risk, developing and implementing corrective action plans for resolution of problematic issues, as well as launching initiatives to counter those risks.
- Lead and direct the second line of defence auditing and reporting program, to ensure AML/CTF policies and procedures are effective and compliant with applicable regulations.
- Assist the Nominated Officer in developing a detective and preventive control framework and installation roadmap in accordance with the company’s conduct risk framework.
- Review and recommend any changes to the current internal practices, measures, procedures and controls relevant to the prevention of money laundering and terrorist financing.
- In collaboration with the Nominated Officer, review and sign-off customers deemed ‘higher risk’ by BetVictor’s risk systems to ensure any risks presented by the customer’s profile are managed and mitigated in-line with P&Ps.
- Keep abreast of regulatory changes and conduct GAP analyses of existing controls to identify changes necessary to the company’s AML approach and controls.
- Assist the Nominated Officer in compiling the annual and half yearly MLRO Board reports as well as quarterly periodic reports.