From 10 January 2020, the Fifth Anti-Money Laundering Directive (2018/843) is in force 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, such as art dealers and cryptocurrency companies who must now have regard to money laundering laws.
Businesses, such as law firms, banks, accounting firms, FCA regulated companies and estate agents who already have AML procedures in place will likely need to make only small modifications to their procedures.
Training plan recommendation
VinciWorks does not recommend that companies or law firms that regularly train on AML (every 12–18 months) make any significant changes to their training schedule because of the new directive.
Under the Fifth Directive, the fundamental procedures of AML remain the same. There are a few small changes to CDD, but we recommend training on those topics using one of our guides or resources below.
Materials to help you train on the Fifth Directive
VinciWorks has released a number of resources to help you train staff on the changes:
- A 23 page detailed guide to the changes (in PDF form)
- A PowerPoint presentation for instructor-led training
- A free webinar on January 15th
These resources can be circulated internally or used as a quick, 10-minute classroom session to explain and discuss the new Directive.
Updates to VinciWorks’ courses
In advance of the Fifth Money Laundering Directive coming into force, VinciWorks will update all of its money laundering courses to accurately reflect the latest regulations. In the event there is a holdup in the UK parliament’s transposition of the Directive, or in the event of Brexit, VinciWorks will ensure that the courses remain accurate and up to date.
That said, the changes to the courses will be minor, and we do not recommend retraining each time there is an update.
All new AML course coming in 2020
During 2020, VinciWorks plans to revamp its suite of AML courses with all new versions of our AML Advanced and AML Fundamentals courses. More details forthcoming. If you have any questions about our AML training, feel free to contact us by completing the short form below.