Money Laundering is to ensure that the money that has been acquired illegally appears to have been obtained legitimately. In simpler terms, it is the process of turning the profit of illegal activity into a legitimate income. Money laundering, which is the process of disguising the proceeds of crime and integrating it into the legitimate financial system, can also be defined as actions and activities aimed at hiding, covering, or showing the nature, source, location, status, movement. Money laundering is a crime. Therefore, companies have employees to analyze money laundering and report to the required institutions, and those employees are called Money Laundering Reporting Officer (MLRO). The Money Laundering Reporting Officer (MLRO) plays an important role in providing anti-money laundering regulations.
As we mentioned earlier, the Money Laundering Reporting Officer (MLRO) works against the money laundering and financing of the terrorism framework. MRLO is responsible for reporting money laundering information or doubt to the relevant authorities as it should be. MRLO is the person who decides on reporting that may affect a company's relationship with its customer and exposure to criminal, legal, regulatory, and disciplinary action. Besides, MLRO should take sufficient responsibility to ensure that the business can access all client files and business information to make the necessary decisions.
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