Money Laundering Prevention
New Money Laundering Act 2017 – stricter requirements – higher fines – new requirements for the Money Laundering Officer – Money Laundering Prevention Seminar
The new Money Laundering Act 2017 came into force. The most important tightening and requirements can be found directly here in our information blog. Make the 14-point check here to check whether all the changes and tightening in your company have already been implemented. With the S & P seminars, you will receive an efficient road map for a safe implementation of the new money laundering law into your practice. Thus, you have the liability risks and due diligence as managing director and money laundering officer under control.
The first interpretation notes of the German banking industry from 20 November 2017 to the Money Laundering Act 2017 can be found in our information blog Money Laundering Prevention. Please also read the current FIU guidelines for handling the web portal goAML and non-application of MaRisk, requirements for outsourcing management.
5. EU Money Laundering Directive has been published – Money Laundering Officer – Seminar Money Laundering Prevention
The 5th EU Money Laundering Directive has been published. The transposition into national law must take place by 10 January 2020. The circle of obligated persons should be extended as follows:
- Service providers who swap virtual currencies for fiat money and vice versa;
- Provider of electronic purses;
- Persons engaged in or acting as intermediaries in the trade of works of art, including art galleries and auction houses, provided that the value of a transaction or series of related transactions amounts to € 10,000 or more;
- Persons who store works of art, act with works of art or act as brokers in trade in works of art, if this is carried out by free ports, provided that the value of a transaction or a series of related transactions amounts to € 10,000 or more.
The most important changes we have in our information blog 5. EU Money Laundering Directive – What is changing? summarized.
New ESA Guidelines – ESA publishes new sector-specific guidelines on money laundering prevention
Under the Fourth Money Laundering Directive, European regulators (ESAs) are required to simplify common guidelines and strengthen customer due diligence and risk factors, as well as the appropriate measures to be taken in these cases.
Guidelines for the audit-proof implementation of a risk-based approach have now been published by the ESAs Joint Committee. It is at the heart of the implementation of a risk-based approach by companies under the Money Laundering Act.
The publications include the following guidelines:
- The Risk Factors Guide Lines
- Guidelines sound management of risks related to money laundering and financing of terrorism
- FSB action plan to assess and address the decline in correspondent banking