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Fifth Directive comes into force tomorrow
From tomorrow, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 will come into force. This statutory instrument updates the UK’s existing anti-money laundering legislation to take account of the Fifth Directive. The changes, which include the regulation of cryptocurrencies, are not as extensive as those that were introduced in the Fourth Directive, but will impact an increasing number of businesses who must now have regard to money laundering laws.
This email contains some useful resources to help businesses keep track of any changes they need to make to their AML compliance procedures.
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Guide to the Fifth Directive
VinciWorks has created a comprehensive guide on the changes under the Fifth Directive. The guide covers customer due diligence, ultimate beneficial ownership, cryptocurrencies and more.
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Ready-to-go presentation on the changes
Keeping staff up-to-date with any change to legislation and how it affects their role can be challenging. To help compliance managers educate their staff on the Fifth Directive, we have created a presentation that can be circulated internally or used as a 30-minute classroom session to explain and discuss the new Directive. The presentation can easily be edited to include internal procedures and your organisation's logo.
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Upcoming webinar on the Fifth Directive
Wednesday 15 January, 12:00pm
The Fifth Anti-Money Laundering Directive — What Now?
With the UK due to exit the European Union in three weeks time, what will the future of money laundering regulation look like?
In this webinar, Director of Best Practice Gary Yantin and Director of Course Development Nick Henderson will give up-to-date guidance on the application of the Fifth Directive in the UK and what to watch out for in the post-Brexit UK money laundering regime.
The webinar will cover:
- What are the key changes under the Fifth Directive?
- What will the future of money laundering regulation in the UK look like?
- Answering questions from registrants
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VinciWorks' AML courses updated for Fifth Directive
VinciWorks has updated all of its anti-money laundering courses to accurately reflect the latest money laundering regulations. There is no technical impact for any of our existing clients. All course enrolments, both in-progress and all new enrolments, will be updated for the Fifth Directive.
Due to the minor impact of the changes for most organisations, VinciWorks does not recommend that companies or law firms who regularly train on AML (every 12-18 months) make any significant changes to their training schedule in response to the new Directive.
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About VinciWorks
VinciWorks is the definitive authority in compliance training and software. With over 250,000 users across 70 countries, our training is used by leading corporations in every sector, including 60 of the largest 100 law firms in the world.
The VinciWorks compliance training suite provides practical, interactive and customisable training available in multiple languages. The courses are updated regularly to meet evolving regulatory legislation.
The suite includes the following courses:
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