The Money Laundering Compliance Officer (MLCO) plays a critical role in overseeing compliance at a strategic level. This includes ensuring that service providers correctly implement and adhere to laws and regulations designed to prevent and combat money laundering and terrorist financing. The MLCO facilitates, advises, and supervises the organization’s compliance with AML/CFT procedures while acting as a bridge between regulators and service providers. This role includes handling regulatory inquiries, audits, and investigations while overseeing day-to-day compliance activities.
Why Choose Compliance & Forensic Services Caribbean?
As a trusted and experienced third party, Compliance & Forensic Services Caribbean can serve as an external MLCO. Our CAMS-certified professionals will assume the responsibilities and authorities of the MLCO, ensuring full compliance with local legal requirements.
Key Tasks Performed by the External MLCO:
- Regulatory Updates: Monitoring changes in AML/CFT laws and translating them into internal policies and procedures.
- Client Research: Conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
- File Reviews: Advising on and reviewing client files for the acceptance of new clients, updates, and risk assessments.
- Transaction Monitoring: Overseeing transactions and identifying unusual patterns.
- Compliance Reporting: Periodically reporting compliance matters to management.
- Policy Maintenance: Keeping the business risk assessment and compliance procedures updated.
- Unusual/Suspicious Transaction Reporting: Advising on and assisting with reporting unusual transactions to the FIU-Aruba.
- Risk Evaluation: Assessing new products and services to identify potential risks and providing recommendations.
- Training Programs: Delivering compliance and integrity training for staff, maintaining training records, and organizing follow-ups for absentees.
- New Employee Onboarding: Conducting AML/CFT training for new hires and updating them on changes in roles.
- Regulatory Liaison: Acting as a point of contact for regulators, the Public Prosecutor’s Office, police, tax authorities, and FIU.
- Investigation Coordination: Ensuring proper and timely handling of investigations by relevant authorities.
- Representation: Attending regulatory and informational meetings alongside management and/or the MLRO.
Additionally, Compliance & Forensic Services Caribbean provides a deputy MLCO to ensure continuity during the MLCO’s absence.
