The Fifth Anti-Money Laundering Directive (2018/843) is in force as of 10 January in the UK and around the European Union. The changes are not as extensive as those that were introduced in the Fourth Directive, such as the concept of risk-based due diligence, but the Fifth Directive will impact an increasing number of businesses who must now have regard to money laundering laws.
While we do not recommend that companies or law firms that regularly train on AML (every 12–18 months) make any significant changes to their training schedule, staff should still be made aware of how the changes could affect their role and responsibilities.
To help organisations educate their staff on what the Fifth Directive means for them, we have created a customisable PowerPoint presentation on the changes in anti-money laundering regulations in the UK. The presentation can either be sent to your colleagues or used as instructor-led training.
The presentation covers the changes to:
- Client Due Diligence (CDD)
- Ultimate Beneficial Ownerships
- Specific industries
- Internal procedures