Poweredbypie’s free webinar on AML proves popular in light of the fifth Money Laundering Directive

poweredbypieBy Legal Futures’ Associate poweredbypie

Search and software provider poweredbypie’s free webinar on AntiMoney Laundering has proved popular following the introduction of The Fifth Money Laundering Directive (5AMLD) which came into force on 10 January 2020.

David Payne, training & compliance at poweredbypie explains: “We run around six free webinars each month for legal professionals, covering a variety of essential subjects from Indemnity Insurance, Cyber Security, Transparency of Fees to Equality and Diversity and also AML.

“Last year the government consulted on proposals for the transposition of the Fifth EU Money Laundering Directive (5AMLD) into UK law.  This will still continue, regardless of our exit from the EU and so our recent webinars on this topic have been a practical way for legal professionals to learn about the changes and how it will affect their processes.  We have received unprecedented interest from law firms attending the webinars on this subject, demonstrating their awareness and urgent desire to comply with the latest regulations.

“In general, 5AMLD is a refining exercise to ensure that our AML legislation is kept up to date and relevant to today’s society.  5AMLD introduces changes to the previous Fourth Money Laundering Directive (4AMLD) on areas such as Enhanced Due Diligence (EDD).  There are a number of changes but notably, 5AMLD recognises the growing trend for the use of digital identity and electronic verification.  The new legislation recommends that electronic verification should be used wherever possible.

“As the risk of fraud through criminals assuming false identities has grown in recent years, necessarily, the regulatory burden for law firms has also increased to mitigate this risk.  The latest regulations further emphasise the requirement for a risk-based approach, focussing on customer due diligence and understanding the specific risk posed by each transaction.

“To comply with 5AMLD, law firms should focus on the following areas as recommended by The Law Society and SRA: 1) Conduct Practice – Wide Risk Assessments.   2) Use Bespoke AML Checklists and Templates.  3) Use a Comprehensive and Effective EDD Solution.  In the webinar, we examine each of these three areas and how changes can be implemented easily to satisfy the new legislation and your regulator, including covering what the regulators are looking for.

“From January 2020, our webinars have been accredited and are acceptable towards CPD requirements as convenient, accessible method of learning.  If needed, our experienced training team can also replicate the content of the online programme for our existing clients as free face-to-face training, or for other organisations by special arrangement.

“At poweredbypie, we bring together many years of experience from different areas of the industry and aim to provide support to law firms through our innovative, trusted technical solutions designed to improve workflows, but also through sharing our research and insight to offer practical help on a wider level.”

For further information or to book onto one of our free webinars please see: https://mailchi.mp/poweredbypie/training


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