How to hire an AML Compliance Officer (AMLCO)

A new requirement, an unfamiliar role

Many Australian firms are facing the need to hire someone to lead their AML compliance program.

This person, known as the AML Compliance Officer (AMLCO) in ANZ, and a Money Laundering Reporting Officer (MLRO) elsewhere, won’t just be ticking boxes. They’ll be responsible for protecting your
firm from regulatory breaches, suspicious clients and reputational damage. That includes setting up processes, training your team, reporting to AUSTRAC and deciding when something looks off.

But here’s the challenge: few in your industry have done this role before, at least not under legal obligation. That means you won’t find a perfect CV. You need someone with the right judgement, transferable experience and the confidence to build from scratch.

This comprehensive paper outlines exactly what an AMLCO does, things to consider in the hiring process, template job description and interview questions.