Good Compliance Officers and good Money Laundering Reporting Officers (“MLROs”) are in short supply. There is high demand for such individuals, which makes recruiting and retaining a Compliance Officer or MLRO quite difficult.
To compound the problem, there is a regulatory requirement for the MLRO to be based in UK and this is normally evidenced by the MLRO being resident in the UK.
It is also preferable for the Compliance Officer to be based in the UK for at least 50% of their time, to demonstrate to the FCA that sufficient time and resource is devoted to Compliance matters.
Whilst the roles of Compliance Officer and MLRO can be combined, this does not overcome the problem of recruitment and retention of good people.
Normally the most cost-effective longer term solution is for a firm to recruit a competent person to be appointed Compliance Officer and MLRO. However sometimes, to cover a shorter term situation, a firm may need a temporary solution.
The Virtual Compliance Officer & MLRO is a proven and reliable short-term solution and is a cost effective alternative to hiring an untested temporary contractor.
How does the Complyport Virtual Compliance Officer & MLRO Work?
Regulated firms retain responsibility for Compliance and Anti-Money Laundering obligations, but Complyport provides extensive hands-on assistance to bridge the gap until a permanent replacement is recruited.
- The regulated firm decides whether it needs a Compliance Officer, an MLRO or both
- The regulated firm then appoints Complyport to advise it
- The regulated firm selects a senior person from within the firm who is or can be based in the UK to act as temporary Compliance Officer & MLRO
- The temporary Compliance Officer/MLRO is registered with the FCA and is trained and briefed by Complyport
- Complyport provides a person to act as adviser, guide and mentor to the Compliance Officer & MLRO, including at least weekly on-site contact
- Complyport also provides hands-on assistance to ensure compliance tasks are carried out properly and within time deadlines
- Complyport provides on-site and off-site advice, guidance and assistance utilising the extensive and in-depth expertise within the firm, to help the regulated firm deal with day to day issues and business developments as they occur
- Complyport provides regulatory software to assist the firm to keep appropriate records
The regulated firm (with assistance from Complyport if required) seeks a permanent Compliance Officer and MLRO, knowing that the roles are covered until a suitable candidate is recruited.
The Virtual Compliance officer & MLRO is designed to bridge the gap between recruiting a permanent replacement and hiring an untested temporary contractor to carry out the duties of Compliance Officer and MLRO.
What does it cost?
Fees for the service are based on the complexity of the assignment and the amount of work involved. We will provide a bespoke assessment of cost for each assignment.