The Fifth Money Laundering Directive comes into force on 10 January 2020. All VinciWorks courses have been automatically updated to ensure that they reflect the latest regulations across all relevant jurisdictions.
There is no technical impact for any of our existing clients whether on the LMS or SCORM.
All course enrolments, both in-progress and all new enrolments will be updated for the Fifth Directive.
After an extensive review of the new regulations, we have concluded that the training impact for most regulated businesses in the UK is minor. As a vanguard in the fight against money laundering and terrorist financing, the UK already implemented many of the provisions of the Fifth Directive in 2017. For example, the Fifth Directive requires enhanced due diligence for transactions involving high-risk countries, a requirement that already exists in the Money Laundering Regulations 2017. The Fifth Directive also introduces new requirements for cryptocurrency, letting agents and art dealers but these requirements do not affect most regulated businesses.
Brexit will not affect these changes.
VinciWorks course changes
The link below is a summary of specific changes made to VinciWorks’ anti-money laundering courses in line with the EU’s Fifth Directive and the UK’s amendments to the Money Laundering Regulations. The changes listed in the document are additions to the courses, nothing was removed.
The list of changes below does not include small textual changes, such as updates to names of laws and regulations. It includes all material updates made to the courses.
Training on the Fifth Directive
Due to the minor changes introduced by the Fifth Directive, VinciWorks does not recommend that you re-enrol or re-train people that have undertaken AML training in the past year. If your AML refresher training cycle is near, VinciWorks will be releasing brand new AML courses in the next few months.
If despite the minor impact, you feel is important to raise awareness about the Fifth Directive, you can circulate one of the following resources to quickly update staff on the material changes:
- List of changes to VinciWorks’ AML courses by course
- Whitepaper detailing impact of changes for UK law firms
- Presentation for instructor-led classroom training
In addition, although not recommended, you can use any VinciWorks AML course to re-train. All courses reflect the Fifth Money Laundering Directive and all course enrolments, both in-progress and new enrolments, will be updated for the Fifth Directive.