On Monday 26th June, the Fourth Money Laundering Directive was transposed into law to create the Money Laundering Regulations 2017. While the majority of the content in the final law is the same as the draft, there are a few important additions included in the final version of the draft.
What are the changes under the Money Laundering Regulations 2017?
Some of the key changes that the Fourth Money Laundering Directive present are:
- The ultimate beneficial owner of a corporate client will need to be determined and due diligence checks performed.
- There will no longer be automatic exemptions from conducting client due diligence.
- The rules for politically-exposed persons (“PEPs”) are no longer limited to those outside the UK.
- Third party equivalence – the Fourth Directive has rescinded the “white list” and country-specific risk determinations must be made for any jurisdiction outside of the EU.
Our publication on the changes under the Fourth Money Laundering Directive expands further on what organisations and law firms need to do to be compliant.
VinciWorks’ anti-money laundering mini course
In light of the changes under the Money Laundering Regulations 2017, VinciWorks has created a free short anti-money laundering course that gives a clear overview of the changes. We have created the course in two formats to allow users to give the course as well as pass on to staff to learn the course in their own time. Management teams have the ability to train their staff on the changes to money laundering regulations themselves with free presentation slides that can easily be edited for firms that wish to apply their own terminology, policies and guidance. We have also created a SCORM version of the course for staff to take in their own time. You can download a free guide to uploading a SCORM course to the VinciWorks Learning Management System here.
Further training on Anti-Money Laundering Regulations
VinciWorks has a suite of anti-money laundering courses that have all been updated to be inline with the Fourth Directive. We also have a free recording of a webinar on the Fourth Directive that can be watched by clicking here.
