In a recent article published by QBE insurance group on the risks that law firms should look out for in 2019, our Director for Legal Services Pip Johnson shared her insights together with other compliance experts.
Pip flagged the Fifth Money Laundering Directive, which must be implemented into national regulations by this time next year. While the Fifth Directive is not as extensive as the Fourth Directive that came into force in 2017, there are still some changes to take on by the beginning of 2020. These changes include the regulation of cryptocurrencies such as Bitcoin, with some firms already having been asked to accept cryptocurrency payments. The Fifth Directive will also see enhanced due diligence requirements. Of course, Pip also discussed the effect Brexit could have on UK lawyers, with the UK due to implement its own Sanctions regime.
Other key takeaways from the interview:
- EU Council Directive 2018/822, (DAC 6), that came into force last June requiring intermediaries involved in cross border tax transactions to retain details of potentially tax advantageous matters
- An expected increase of
comlaintsto the Information Commissioner’s Office (ICO) for GDPR breaches
- The upcoming reformed SRA Handbook and the new Accounts Rules
- How Brexit could
effectthe UK’s laws and regulations and how they apply to UK law firms
You can read the full report from QBE here.