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 them into the legitimate financial system, can also be defined as activities aimed at hiding, covering, or showing the nature, source, location, status, movement. It is a crime. Therefore, companies have employees to analyze it and report to the required institutions, and those employees are called MLRO. They play an essential role in providing anti-money laundering regulations.
As we mentioned earlier, MLRO works against the financial crime and financing of the terrorism framework. It is responsible for reporting financial crime information or doubt to the relevant authorities as it should be. MRLO is the person who decides on AML 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.