Under the Fourth Money Laundering Directive, CDD is required by anyone trading goods in cash with a value over €10,000, down from previous amount of €15,000
Ensuring your staff are able to carry out effective customer due diligence goes a long way to ensuring your staff and clients are not are not facilitating money laundering. Such processes to be aware of and understand include submitting a suspicious activity report (SAR), understanding what is required to take a risk based approach and the supporting documents that should be requested from clients. Here is some guidance to carrying out customer due diligence and how to deal with potential red flags.
The guidance is taken from our interactive e-learning course, Anti-Money Laundering: Know Your Risk. You can demo the course for free here. The course is in line with the Fourth Money Laundering Directive and will be updated when the Fifth Directive comes into force.
What is customer due diligence?
Customer due diligence is the process of identifying your customers and checking they are who they say they are. In practice this means obtaining a customer’s name, photograph on an official document which confirms their identity and residential address and date of birth. There are three levels of customer due diligence: standard, simplified and enhanced.
Article 5 of the General Data Protection Regulation requires demonstrable compliance with the new regulations. With GDPR now in force, ensuring your staff are aware of your organisation’s data protection policies is now more important than ever.
Data protection changes under GDPR
Are you familiar with GDPR? Does your organisation have a process for data portability? GDPR legislation now allows individuals to obtain and reuse their personal data for their own purposes across different services. Other changes include the requirement for certain organisations to appoint a Data Protection Officer. Further, under GDPR, sensitive information now includes biometric and genetic information. This means that organisations should familiarise themselves with GDPR and ensure staff understand how to process personal data.
The new allows for the UK to add or remove people, entities and organisations from targeted sanctions list if there are reasonable grounds to suspect involvement in activities that can trigger sanctions
The UK parliament recently enacted a new piece of sanctions and money laundering legislation designed to Brexit-proof the UK’s ability to implement international and European sanctions. To help organisations comply, VinciWorks has released a brand new scenario based training course Sanctions: Know Your Transaction. Following the success of our anti-bribery and anti-money laundering training, this course drops users into a set of immersive scenarios to test their knowledge, understanding and ability to comply with the new sanctions law.
VinciWorks has just released a new five-minute knowledge check that tests users’ knowledge of the sanctions regulations and is in line with the Sanctions and Money Laundering Act. The knowledge check uses scenarios to help users understand the best course of action to take in different situations. The knowledge check is part of the Sanctions training suite, which includes the latest course, Sanctions: Know Your Transaction, and can also be purchased alone.
VinciWorks’ knowledge check series
While staff must be aware of the latest laws and regulations, as well as best practice, it is important that they refresh their knowledge every so often. VinciWorks’ knowledge checks allow businesses to verify and assess your staff’s knowledge of key compliance areas. We are therefore continually adding new knowledge checks to our training suites and have provided a way for businesses to create their own as well.
View knowledge check series
Impact of the Sanctions and Anti-Money Laundering 2018 Act on the Crown Dependencies and British Overseas Territories
Following an amendment to the recently enacted Sanctions and Anti-Money Laundering Act which will introduce public ownership registers in British Overseas Territories, the amendments sponsors Andrew Mitchell and Dame Margaret Hodge will visit the Isle of Man to persuade the government to create a publicly accessible register of beneficial ownership.
Currently, the Manx Government’s central register is only accessible to law enforcement and tax officials, but the UK government is keen for the Crown Dependencies to adopt the approach being set out in the EU’s Fifth Anti-Money Laundering Directive.
The GDPR knowledge check presents instant feedback after the user has answered a question
Verify and assess your staff’s knowledge of key compliance areas such as GDPR, anti-money laundering, anti-bribery and cyber security with our new series of five-minute knowledge checks. Each knowledge check presents 10 questions, with feedback automatically given after each question is answered. Distribute the knowledge checks across your organisation to evaluate the level of understanding, allowing you to decide on next steps for training procedures. Feedback is given after each question is answered, allowing users to improve their knowledge while completing the assessment.
The knowledge checks are included in the licence of any training suite relating to that topic and are available immediately. To learn more, contact us.
Free knowledge check demos
Below are just some of the demos to our knowledge checks. Alternatively, view our full suite here.
VinciWorks has created two contract clause templates that can easily be edited to suit your organisation’s contact persons, industry, and internal policies. These contract clauses allow businesses to withdraw from their contract with either a supplier or employee should they be found to be offering or accepting bribes. Here is some guidance on what should be included in these clauses, as well as a link to download them. These templates are also included in the VinciWorks’ anti-bribery resource page.