The Financial Conduct Authority (FCA) has published a guidance document on the expectations of Heads of Compliance and Money Laundering Reporting Officers (MLROs). It highlights the need for individuals to have the necessary skills, knowledge, training and experience to be effective. Financial Institutions should take this guidance into account as part of their hiring process or considering internal candidates for SMF16 and SMF17 roles, and before seeking regulatory approval.

https://www.fca.org.uk/firms/approved-persons/heads-compliance-mlro-applicant-competency-capability