- Money Laundering Reporting Officer (MLRO) Quiz -

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Are you the appointed Money Laundering Reporting Officer (MLRO) for your business? Test your knowledge with this quick-fire quiz...

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* 1. Your contact details:

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* 2. Your email address:

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* 3. True or False? It is a legal requirement for an Estate Agency business to have a Nominated Officer/Money Laundering Reporting Officer (MLRO)?

True

False

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* 4. The latest UK National Risk Assessment has rated ‘Real Estate’ at what level of risk from Money Laundering activity?

High

Medium

Low

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* 5. What factors would be contributory to the choice of a MLRO for a company? (tick all that apply)

The nature and organisation of the business including products and services

A person should be at an appropriate level of seniority in the business to make decisions on transactions

Having knowledge of regulatory agencies and risk for oversight of relevant staff and agents

Whether an individual can be trusted to not over-report

A persons’ ability to ensure that the transaction completes and the company secures its commission

None of the above

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* 6. The MLRO responsibilities include which of the below? (tick all that apply)

Developing AML Policies, Procedures and Controls

Ensure staff are properly trained in Anti-Money Laundering (AML)

Evaluating Suspicious Activity Reports (SARs) received from staff

Undertaking an audit of the company’s Customer Due Diligence files

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* 7. The MLRO submits SARs to which following agency?

His Majesty's Revenue & Customs

Local Police

National Crime Agency

Serious Fraud Office

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* 8. The current HMRC guidance as to the maximum period between which staff should be trained in AML is how long?

1 year

2 years

5 years

When or if the company identifies a potential money laundering transaction

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* 9. In accordance with the Money Laundering Regulations (MLR2017) how long should a company retain its Customer Due Diligence records for?

5 years

6 years

7 years

10 years

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* 10. HMRC issue guidance for Estate Agents for Money Laundering Supervision. When was the last update?

June 2014

June 2017

July 2022

July 2023

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* 11. During a HMRC Inspection at an Estate Agents' office who is likely to be interviewed by them?

Money Laundering Reporting Office (MLRO)

Deputy MLRO

Staff

Management/Directors

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* 12. HMRC Inspections may result in severe financial penalties for Estate Agents found to be ‘non-compliant’, but when do you consider that HMRC most commonly conducts an inspection?

If it was known/suspected that a Money Laundering transaction had taken place

It is known that an Estate Agent was not complying with the MLR2017

Randomly

When there is a change in legislation

Thank you for taking part in the quiz.

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* 13. If you would like to be entered into the draw to win a £100 Amazon voucher, please write 'YES' below

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Prize Draw Terms
The winner of the MLRO Quiz prize draw will be chosen at random and notified by email after the quiz closes at 23:59 GMT on 25 January 2024. The recipient of the email must reply to confirm their prize within 24 hours, or the prize will go to another participant. The prize will be delivered to the email provided above and is non transferable. LonRes is not liable for any loss or damage whatsoever which is suffered as a result of entering the competition.

About FCS Compliance

FCS Compliance is an award-winning provider of specialist Anti-Money Laundering services chosen by regulated businesses, large and small, leading suppliers and industry associations across the UK. Our highly-experienced team of experts and comprehensive range of practical services mean that whatever your AML requirement, we can help.

If you would like to learn more about how we can support your business, please contact our friendly team today:

Georgie Tarry
Account Director, FCS Compliance

Call: 0207 924 7979
Email: georgie@fcscompliance.co.uk