Chief AML Officer & Money Laundering Reporting Officer Services
What Are CAMLO and MLRO Services?
CAMLO (Chief Anti-Money Laundering Officer) and MLRO (Money Laundering Reporting Officer) services are essential for businesses that must comply with anti-money laundering (AML) regulations. CAMLOs and MLROs oversee the development and implementation of AML compliance programs, ensuring adherence to regulatory standards and protecting companies from financial crime, penalties, and reputational damage.
The Role of an Outsourced CAMLO/MLRO
An outsourced CAMLO or MLRO establishes and manages AML frameworks aligned with global standards such as FINTRAC (PCMLTFA), FATF, BSA (FINCEN), and AUSTRAC. Core responsibilities of Certified Anti-money Laundering Specialist include policy development, KYC/KYB oversight, regulatory filings (STRs, SARs, SMRs, TPRs), risk assessments, staff training, and enhanced due diligence for high-risk clients.
AMLI’s Comprehensive Outsourced CAMLO/MLRO Services
AMLI provides dedicated CAMLO and MLRO services, covering regulatory reporting, compliance oversight, and risk reduction. AML Compliance Officers help clients comply with requirements from FINTRAC, AUSTRAC, VARA, FINCEN, FATF, and other international frameworks.
Our CAMLO/MLRO Service Packages
The Benefits of Outsourcing CAMLO/MLRO Services
Outsourcing CAMLO and MLRO services eliminates the need for costly internal hires, providing specialized expertise, timely regulatory reporting (e.g., STRs, TPRs), enhanced risk management, and compliance with FINTRAC, AUSTRAC, FINCEN, FATF, and other regulatory frameworks.
Training Both for Executive Team and Client Facing Staff
Executive Compliance Leadership Training: Provide specialized training sessions for the executive team, focusing on governance, risk management, and strategic compliance leadership. This training would equip senior leaders with the knowledge to make informed decisions about compliance risks and strategies. Frontline Compliance Training: Offer targeted training for client-facing staff, emphasizing practical aspects of compliance, such as identifying and reporting suspicious activities, conducting customer due diligence, and communicating compliance policies to clients. This ensures that those on the frontline are well-prepared to uphold compliance standards in their daily interactions.
Vendor Selection
Comprehensive Vendor Assessment and Selection: Assist in evaluating and selecting vendors critical to the compliance infrastructure, from KYC/AML data providers to compliance management software. This process includes assessing vendors for compliance with regulatory standards, integration capabilities with the company’s systems, and the overall value they offer.
Design and Implementation of the Transaction Monitoring System
Tailored Transaction Monitoring System Setup: Develop and implement a transaction monitoring system customized to the company's specific risk exposure and operational requirements. This involves configuring the system to efficiently detect and alert on suspicious transactions, ensuring compliance with AML regulations.
Testing
System and Process Testing: Conduct thorough testing of the transaction monitoring system and other compliance processes to ensure they are effective and fit for purpose. This includes scenario testing, system accuracy checks, and performance evaluations to identify any areas needing refinement. Ongoing Evaluation and Adjustment: Establish a framework for regular testing and review of the transaction monitoring system and compliance procedures to ensure they remain effective over time. This would include updates based on new regulatory requirements or changes in the business model.
