On 19 June 2018 the 5th anti-money laundering Directive (Directive (EU) 2018/843), which amended the 4th anti-money laundering Directive, was published in the Official Journal of the European Union. Luxembourg had to transposed this AML Directive into the law of 25th March 2020 and came into force on the 30th March 2020, amending the law of 12 November 2004.
These amendments introduced substantial improvement to better equip the Union to prevent the financial system from being used for money laundering and for funding terrorist activities.
These amendments were introduced to :
- enhance transparency by setting up publicly available registers for companies, trusts and other legal arrangements;
- enhance the powers of EU Financial Intelligence Units, and provide them with access to broad information for the carrying out of their tasks;
- limit the anonymity related to virtual currencies and wallet providers, but also for pre-paid cards;
- broaden the criteria for the assessment of high-risk third countries and improve the safeguards for financial transactions to and from such countries;
- set up central bank account registries or retrieval systems in all Member States;
- improve the cooperation and enhance of information between anti-money laundering supervisors between them and between them and prudential supervisors and the European Central Bank.
Price: 300.00 €
Duration: 2h
Language: Available in English, French and German
Number of participants: max. 20
Objectives
By the end of this training, the participants will be able to:
- An update on the key elements of the Fourth Directive;
- The focus on risk assessment and the corresponding risk-based approach;
- Increased transparency through the creation of national central registers of beneficial owners;
- National and supranational risk assessment;
- The fact that tax crimes are now classed as predicate offences;
- The extension of the scope to cover the whole gambling sector;
- The customer due diligence waiver for certain e-money products;
- Third-country policy;
- And the technological trends of AML and KYC, e.g. Bitcoin, remote CDD, etc.;
Participants will also have a broader understanding of relevant financial crime trends and topics.
Content
- Focus on risk assessment and corresponding risk-based approach;
- National and supranational risk assessment;
- Increased transparency in identifying beneficial owners;
- Tax crimes now classed as predicate offences;
- Wider scope;
- Customer due diligence waiver for certain e-money products;
- Third-country policy.
Target audience
The Directive, transposed into law applies to all "obliged entities" as defined in Article 2.1 of the amended law 12 November 2004:
- credit institutions;
- financial institutions;
- auditors, external accountants and tax advisors;
- notaries and other independent legal professionals (under specific conditions);
- trusts or company service providers;
- estate agents;
- traders in goods making or receiving payments above EUR 10,000;
- and providers of gambling services.
Our lead experts
Michael Weis - Partner (Forensic Services)
Through his previous positions and projects, Michael gained extensive knowledge in the investment management and banking industries.
As a key member of the internal controls practice of PwC Michael specialises in the review of internal controls in the context of SAS 70 reviews and controls reports. He is the manager of various high-profile client assignments on internal controls reports and on Anti-Money-Laundering (AML) in the investment management industry.
Within PwC, Michael takes a key role in the AML-taskforce and on internal controls work for the prevention of financial crime. He is co-ordinating the leading training programme "Fight against Financial Crime" (PwC's Academy) that regularly involves international subject matter experts (e.g. Transparency International, UN Security Council, FATF, SCPC, FSA, CSSF etc.).
Through his professional qualifications he specialised in Compliance related topics such as internal controls frameworks, fraud prevention/investigation and AML.
