In the UAE there are several regulatory bodies, each with their own specific regulations and requirements, However, each of these regulators allows for the authorised firm to outsource its Compliance Officer (CO) and Money Laundering Reporting Officer (MLRO) in one way or another.
What does this mean to outsource the role of CO and MLRO?
As a firm you are required to appoint an individual to hold the position of CO and MLRO. This could be the same person or two separate individuals depending on the nature and scale of the organisation. This individual(s) need to be suitable for the role and “ordinarily resident in the UAE”. When you outsource this service you appoint an external party to hold this title and therefore hold the liability and the authority of being appointed in this role.
How can Effecta assist you?
Effecta’s consultants are all Compliance professionals with regional experience and understanding. If your firm wishes to outsource the function of CO and/or MLRO Effecta can provide you with a Nominated Consultant to fulfil these roles. Effecta seeks to match the requirements of the firm with the experience and background of the Nominated Consultant. Once appointed the Nominated Consultant will work in partnership with the firm and will also be supported by a Director and where appropriate a consultant so that the firm can receive the right type of support at the right level.
The role of the Nominated Consultant will include, for example:
- Identifying compliance and financial crime risks and advising on appropriate systems and controls.
- Documenting and implementing the firms compliance and financial crime policies and procedures.
- Keeping the firm up to date on changes in relevant regulations and their implications.
- Providing employee training.
- Ensuring all regulatory returns ad hoc notifications are submitted on time.
- Receiving and investigating internal Suspicious Activity Reports (“SARs”) from Employees.
- Acting as the point of contact within the Firm for competent UAE authorities.
- Monitor the firms adherence with the relevant regulations as well as the internal policies and procedures.