Outsourced Compliance Officer & MLRO
If you are planning to become an authorised business in the Dubai International Financial Centre (DIFC), or if you are already authorised by the Dubai Financial Services Authority (DFSA), you will require a Compliance Officer and Money Laundering Reporting Officer (CO/MLRO) with sufficient knowledge, experience and seniority to perform the role effectively.
The importance of this function and getting the right person cannot be underestimated in the highly-regulated world of financial services and getting it wrong could cost you more than simply a fine from the regulator. Organisations, therefore, require an experienced individual who can implement the regulatory requirements in a firm in a pragmatic way, as well as being able to communicate across all levels of the organisation.
Experienced Compliance Officers and Money Laundering Reporting Officers
Our team of outsourced Compliance Officers and MLROs have the relevant skills and experience to be an effective and constructive CO/MLRO for your organisation. Your nominated Compliance Consultant will have the skills to complement your business requirements, whether that is a particular industry background or a particular compliance or AML discipline. Our consultants will complete your DIFC team and work alongside you. Our consultants undertake regular training to ensure their knowledge is up-to-date and that they adhere to industry best practices. The high quality of our Outsourcing Team can be viewed on our website.
Our role as your outsourced Compliance Officer and MLRO
While the Board and Senior Managers are ultimately responsible for the compliance of your organisation with DFSA regulations, the nominated consultant will work with you to ensure these requirements are met as pragmatically as possible. As your outsourced Compliance Officer, we will:
- identify your compliance risks and advise on appropriate policies, procedures, systems and controls
- document the organisation, responsibilities, and procedures of your compliance function
- ensure compliance breaches are readily identified, reported and acted on
- keep your senior management team up-to-date on changes in DIFC/DFSA regulations and their implications
- prepare you for DFSA risk assessment visits
- review your organisation’s marketing materials
- process your applications for the registration and withdrawal of Authorised Individuals
- ensure that your employees receive compliance training
- liaise with the DFSA and ensure all regulatory returns and ad hoc notifications are submitted on time
- maintain your organisation’s regulatory files and registers.
- identify the money laundering risks specific to your business and advise on appropriate policies, procedures, systems and controls
- oversee the day-to-day operation of your policies, procedures, systems and controls
- receive and investigate internal Suspicious Activity Reports (SARs) from employees and where necessary, report SARs to the Anti-Money Laundering Special Cases Unit (AMLSCU) and to the DFSA
- act as the point of contact within your organisation for the DFSA and other competent authorities
- oversee your compliance with UN sanctions and international, governmental and regulatory findings
- establish and maintain a staff awareness and training programme for the prevention of money laundering
- report to your senior management team on the quality and effectiveness of your AML programme
- Prepare your annual AML return for senior management review and approval.