The New AML Legislation - What's Changed

With the passing into law of the Criminal Justice (Money Laundering & Terrorist Financing) (Amendment) Act 2018, our AML responsibilities have changed.

In the past few years there have been numerous instances of fines being imposed on banks and credit unions for non-compliance with the requirements. Accountancy bodies are now giving AML compliance far greater attention during monitoring visits. Would your firm pass the test? The objective of the course is to make practitioners and staff of professional firms aware of their changed responsibilities under the new legislation.

Content

 The 4^th EU AML Directive – the changes?

• The new risk based approach to customer due diligence, including simplified due diligence, normal due diligence and enhanced due diligence
• Politically Exposed Persons
• Professional Privilege Reporting Exemption
• The role and responsibility of the Money Laundering Nominated Officer
• Tipping off offences
• Complications in audit assignments
• What do accountancy bodies expect from you?