The 4th Anti-Money Laundering Directive expands the Third Directive by broadening AML oversight to include new areas such as external threats to domestic markets, while introducing more stringent rules regarding ultimate beneficial ownership. That in turn will require intensifying compliance efforts in areas like correspondent banking and asset management. In this seminar we detail smart strategies for incorporating the Fourth Directive initiatives into existing compliance functions.
The 5th Directive comes to improve the 4th one and extend the scope of its application to more entities. We will see what is new with this latest directive.
The seminar covers all new updates to the local Anti-Money Laundering Legislation and how this should be applied in practice. The aim being to update the participants with the current AML requirements and guidelines.
- Understanding money laundering and terrorist financing, and the sanctions against said practices
- How financial Institutions are vulnerable to money laundering and terrorist financing
- Understand the Legal and Regulatory Framework
- Reporting obligations of staff and risk-based approach
- Case studies from Cyprus and Abroad
- Changes that the 4th and the 5th Directives bring
- Introduction of the concept of the Risk Based Approach
- Enhanced beneficial ownership requirement; Adapting CDD models and record-keeping
- Changes in the treatment of Politically Exposed Persons (PEPs) – Ensuring compliance models and best practices
- Changes in policies and procedures
- Changes in the penalties regime
- Changes in the cash payments
- Risk assessments that includes cross-border threats to domestic markets
- UBO registry
- Application to cryptocurrency issuers
Who should attend
Compliance and AML Compliance officers of Banks, Legal firms, Service Providers, Accounting frims, Funds, Fund Managers, CIFs, and IFs.