In an interesting article published by the UK’s Financial Conduct Authority (FCA), the country’s regulatory authority recommends that authorised and registered firms develop compliance and AML leaders “who are suitably competent and capable of effectively performing the roles.”
Relying on past experience and the many applications that have crossed its desk, the FCA lays out a series of suggestions in terms of the competencies and capabilities that must be held by Heads of Compliance and Money Laundering Reporting Officers (MLROs), two required FCA-approved senior management functions.
According to the FCA, companies looking for regulatory approval should have Heads of Compliance and MLROs that are capably trained, have sufficient experience in these areas, and maintain the capacity to carry out the job in an effective manner.
Tags: #smf27 • 2021 • Compliance • fca • igca • LGCA • LGCA Blog • SMCR