Make sure you understand our expectations if your firm is applying to us to approve individuals to these positions.
Heads of compliance and money laundering reporting officers (MLROs) are important roles at financial services firms. Many firms are required to have an FCA-approved senior management function (SMF) holder – for example, see SMF16 and SMF17 in our Handbook.
They will need necessary skills and knowledge, from training and experience, to be effective. The level of their skills and knowledge should be in line with the size of the firm and its risk of harm.
Before your firm applies to approve a person in one of these roles, these are the things we look for to assess their capability.