Exit Interviews for MLROs and MLCOs

Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020.  The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s), responsibilities and challenges faced and ultimately assists the Bailiwick in its fight against financial crime. In line with our risk based approach the pilot initiative will also be extended to both the investment and legal sectors.