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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Common Modules (Applicable to all Specialised Licensees) > Part A > Business Standards > FC Financial Crime > FC-4 Money Laundering Reporting Officer (MLRO) > FC-4.2 Responsibilities of the MLRO
  • FC-4.2 Responsibilities of the MLRO

    • FC-4.2.1

      The MLRO is responsible for:

      (a) Establishing and maintaining the licensee'sG AML/CFT policies and procedures;
      (b) Ensuring that the licenseeG complies with the AML Law and any other applicable AML/CFT legislation and this Module;
      (c) Ensuring day-to-day compliance with the licensee'sG own internal AML/CFT policies and procedures;
      (d) Acting as the licensee'sG main point of contact in respect of handling internal suspicious transactions reports from the licensee'sG staff (refer to Section FC-5.1) and as the main contact for the Financial Intelligence Unit, the CBB and other concerned bodies regarding AML/CFT;
      (e) Making external suspicious transactions reports to the Financial Intelligence Unit and Compliance Directorate (refer to Section FC-5.2);
      (f) Taking reasonable steps to establish and maintain adequate arrangements for staff awareness and training on AML/CFT matters (whether internal or external), as per Chapter FC-6;
      (g) Producing annual reports on the effectiveness of the licensee'sG AML / CFT controls, for consideration by senior management, as per Paragraph FC-4.3.3;
      (h) On-going monitoring of what may, in his opinion, constitute high-risk customer accounts; and
      (i) Maintaining all necessary CDD, transactions, STR and staff training records for the required periods (refer to Section FC-7.1).
      October 2010

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