If a person suspects someone is involved in money laundering, to whom should they report it?

When a person suspects someone is involved in money laundering, the appropriate course of action is to report it to the Money Laundering Reporting Officer (MLRO). The role of the MLRO is critical within organizations, especially those in the financial sector, as they are responsible for receiving and assessing reports of suspicious activity.

The MLRO is trained to handle such situations and has the authority to decide whether the matter should be reported to the relevant authorities, such as the National Crime Agency (NCA) in the UK. This individual plays a key role in ensuring that the organization complies with anti-money laundering regulations and legislation. Reporting to the MLRO helps ensure that there is a structured and compliant approach to handling potentially criminal activities.

In contrast, the other roles mentioned, such as approved persons, compliance directors, and data protection officers, do not have the specific responsibility or expertise to deal with potential money laundering suspicions in the same direct manner as the MLRO. Each of their roles serves important functions within an organization, but they are not designated for handling money laundering reports.