As part of its internal reporting procedures, each financial institution, pursuant to Regulation 5 of the Financial Intelligence (Transactions Reporting) Regulations, 2001 is required to appoint a Money Laundering Reporting Officer (MLRO) and a Compliance Officer.
The MLRO must be registered with the Financial Intelligence Unit. This is the person within the financial institution to whom a report is to be made of any information or other matter which comes to the attention of an employee, and which in the opinion of that employee gives rise to a knowledge or suspicion that another person is engaged in money laundering or financing of terrorism. The MLRO must have the requisite experience in order to fulfill his role.
Pursuant to Section 14 of the Financial Transactions Reporting Act, 2000, all financial institutions are required to submit Suspicious Transactions Report (STRs) to the Financial Intelligence Unit.
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