Outsourced MLRO

The appointment of a Money Laundering Reporting Officer (MLRO) in DIFC-regulated firms is vital for upholding anti-money laundering (AML) compliance. The MLRO plays a key role in detecting and preventing financial crimes, ensuring the firm's integrity and reputation. Responsibilities encompass implementing stringent AML policies, conducting risk assessments, and promptly reporting suspicious activities. The MLRO's pivotal role is integral to meeting DIFC's rigorous regulatory standards, mitigating financial risks, and fostering a secure financial environment.

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Mohammad Shafeek

CEO & Founder of MS

Let MS empower your business in DIFC

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The Money Laundering Reporting Officer (MLRO) holds an important role within the DIFC, ensuring strict adherence to anti-money laundering regulations. Tasked with overseeing daily compliance operations, serving as the primary point of contact for regulatory bodies, and executing essential AML functions, the MLRO is integral to safeguarding financial entities. Their responsibilities include maintaining controls, filing necessary reports, and implementing AML and KYC checks. Acting as a regulatory liaison, the MLRO not only establishes but also manages crucial training initiatives, significantly enhancing the robustness of the DIFC's financial framework and reinforcing confidence in the integrity of financial activities.

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Is MLRO outsourcing
permitted by the DFSA?

The regulator permits outsourcing the MLRO role based on your business's scale and complexity. In the DIFC, numerous firms choose to outsource compliance and MLRO functions, ensuring access to requisite expertise without the financial commitment of a full-time resource. This approach proves advantageous, especially when the operation's size and complexity do not warrant a permanent, in-house position.

Functions of the Outsourced MLRO
in a Financial Entity

The externally appointed Money Laundering Reporting Officer (MLRO) undertakes the following responsibilities within the financial entity

Conducting AML and KYC checks

Serving as the primary contact within the entity for UAE authorities and the DFSA on money laundering matters

Maintaining systems, controls, and generating relevant reports

Preparing the Internal Capital Adequacy Assessment Process (ICAAP).

Compiling AML annual returns and Central Bank biannual reports

Reporting Suspicious Activity in accordance with Federal AML legislation.

Overseeing day-to-day compliance operations, ensuring adherence to AML policies, procedures, systems, and controls.

Establishing and managing an effective money laundering training program and awareness initiatives.

Why MS
Outsourced MLRO services for DIFC entities

Partnering with MS ensures top-tier security and confidentiality for your compliance needs. We prioritize safeguarding sensitive data, meeting industry standards and regulations. By relying on our expert team, you'll have a certified MLRO acting as your regulatory liaison for compliance and anti-money laundering/counter-financing of terrorism (AML/CFT) needs. Our support empowers you to confidently manage the regulatory landscape of DIFC maintain continuous compliance and focus on your core business objectives.

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info@ms-ca.com

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Frequently Asked Questions (FAQ)

What AML regulations apply in the DIFC ?

Federal Decree No. (20) of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism is applicable to all operations everywhere in the UAE. Any company register in the DIFC must be aware of the UAE AML Laws and comply to the extent that they apply.

Is MLRO a mandatory appointment in DIFC ?

Yes, appointing a Money Laundering Reporting Officer (MLRO) is mandatory for entities operating in the DIFC. The MLRO plays a crucial role in overseeing and managing an organization's compliance with anti-money laundering (AML) regulations. They are responsible for receiving and assessing suspicious activity reports, ensuring compliance with AML laws and regulations, and liaising with regulatory authorities on AML matters. Failure to appoint an MLRO can result in regulatory penalties and may lead to non-compliance with DIFC regulations.

What is the role of MLRO in DIFC ?

In the DIFC, the Money Laundering Reporting Officer (MLRO) is important in ensuring compliance with anti-money laundering (AML) regulations. The MLRO in the DIFC does a lot to prevent money laundering and terrorist financing. They check out suspicious reports, make sure everyone follows AML rules, train staff, and communicate with regulatory authorities.

Which companies in DIFC requires to have an MLRO ?

In the DIFC, all registered entities that conduct financial activities are typically required to appoint a Money Laundering Reporting Officer (MLRO). This includes financial institutions such as banks, investment firms, insurance companies, as well as other entities engaged in financial services activities. Additionally, designated non-financial businesses and professions (DNFBPs) operating within the DIFC, such as lawyers, accountants, real estate agents, and dealers in precious metals and stones, may also be required to appoint an MLRO depending on their activities and risk exposure to money laundering and terrorist financing.

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