In May 2020, the European Commission (EC) published its new AML/CTF action plan seeking to create common standards, application and supervision of EU rules in a more standardised manner. The AML action plan refers to the enforcement of existing rules, a single rulebook for EU member states, a new EU AML authority, coordination and support mechanism for FIUs, law enforcement and information sharing and a role for the EU at a global level. Its detailed requirements have been published in July 2021. In addition, there are related updates to regulations and industry trends that have occurred since and are expected to be implemented.
Duration: 1h
Language: Available in English, French and German. The supporting material is only available in English.
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
- By the end of this training, participants will have a comprehensive overview on recent regulatory updates and trends based on the European directives as well as the EU action plan on AML and its potential implications.
Content
- This training covers the new regulatory updates like EU AML6D, EU Action Plan AML, AMLA, latest AML/CTF circulars, CSSF regulations and legal updates.
- We will also discuss industry trends around asset screening, risk appetite statements and alike.
Target audience
The AML regulations apply 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
- providers of gambling services
Prerequisite: this course is an advanced module designed for people who are already familiar with the AML concepts and regulation.
Our lead experts
This training is coordinated by Cécile Moser and Michael Weis, Partners at PwC Luxembourg.
Cécile, AML Services Partner, is specialised in the financial sector of Luxembourg, with a particular focus on AML and CTF regulations and internal control environments.
She manages and performs regulatory mandated AML and CTF reviews, identifies AML and CTF control issues or deficiencies for private banks, custodians, transfer agents, investment funds and management companies.
Cécile also provides advice on AML and CTF methodology and helps to develop AML/CTF procedures in line with local laws and regulations.
Michael is lead-partner for the Forensic Services practice and of the AML taskforce.
Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.
In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.
As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.
Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).
Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).
