Third Money Laundering Directive

Pricing

Cost for BPP PD Members: £440 + VAT 6 CPD Hours
(£550.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).

Course level

Introductory

Delegates

This course will be of benefit to all those engaged in the expanded regulated sector that need to be aware of the changes in the anti-money laundering/terrorist financing regime as a result of the Third Money Laundering Directive.

Overview

The EU Third Money Laundering Directive was adopted in October 2020 and had to be transposed into national law by 15 December 2020. The objective is to align the EEA regulatory regime applicable to money laundering and terrorist financing with the FATF Recommendations. In the UK, the Money Laundering Regulations 2020 repeal and replace the Money Laundering Regulations 2020.

This one-day course will provide an understanding of the substance and implications of these new regulations for the ever-widening range of business sectors now within the scope of the law.

Learning outcomes include obtaining a greater understanding of:

  • Background
    • Historical context
    • The FATF recommendations
    • The Money Laundering Regulations 2020
    • UK implementation strategy
  • Scope
    • New areas of business brought into the regulated sector
    • New exemptions
  • Enhanced Due Diligence
    • Simplified v. enhanced due diligence
    • Beneficial owners
    • Impact on trusts
    • Ongoing monitoring
    • The effect on tipping off under POCA 2020
  • Politically Exposed Persons
    • Requirements to identify PEP
    • Establishing the source of wealth
    • Monitoring relationships with PEPs
  • Banking Issues
    • Correspondent banks
    • The shell bank prohibition
    • Anonymity and bank accounts
  • Due Diligence and Reliance on Third Parties
    • Regulated firms and eligible third parties
    • Staged implementation strategy
  • Supervision and Enforcement
    • Supervising the new regime
    • Enforcement powers

"A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."


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