The UK Government updated their expected regulatory response for firms in regard to their Anti-Money Laundering obligations, and from 10th January 2020 expect firms to comply with the new, amended money laundering regulations (MLR). A fantastic way for businesses to meet these new regulations is through online Anti-Money Laundering courses such as the comprehensive range of AML legal CPD courses Datalaw currently offers online.
The United Nations Office on Drugs and Crime (UNODC) estimates that between 2 and 5% of global GDP is laundered each year. That’s between EUR 715 billion and 1.87 trillion each year! Because of this, Anti-Money Laundering courses and training have become an even more essential part of employee training, as getting your employees up to date on the latest regulations and how to spot money laundering is going to be the most effective way to protect your company and its assets from illegal activity.
Existing AML Regulations
In the UK, the Money Laundering Regulation 2017 outlines two key requirements for employee training. First, it requires employees to be ‘made aware of the laws relating to money laundering and terrorist financing’, and secondly, the regulation requires that employees and agents are ‘regularly given training in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing’. In order to meet these standards the government sets, anti-money laundering courses can be a great option for businesses looking to educate their staff and add value to their workforce through acquiring high quality AML courses for them to use.
The Latest AML Regulation – The Fifth Money Laundering (January 2020)
This new AML regulation introduced by the UK Government, the Fifth Money Laundering Directive, makes amendments to the Fourth Money Laundering Directive on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. These amendments and new provisions will further strengthen transparency and the existing protective framework, whilst ensuring the UK obeys the international standards set by the Financial Action Task Force.
Additionally, if you are not compliant with the Anti-Money Laundering policies that are in place then HMRC may impose measures, including a financial penalty, if you do not comply with the Money Laundering Regulations. In more serious cases, it may consider criminal prosecution. For these reasons alone giving your employees access to excellent AML courses will help negate the risk that not following MLRs carry.
How to Address your Business’ AML Obligations
However, not only is this completely avoidable, it’s also simple and easy to take action and help protect your business and staff from making errors in regard to AML regulation, through online legal CPD training. This will provide your employees with a platform they can access 24/7 to read about anti-money laundering regulations and make sure they follow that practice in their everyday roles and duties.
A great place to start for any business or individual looking to get up to date on the latest AML regulations has to be Datalaw’s online legal CPD training. With a range of both introductory and advanced courses covering all bases to do with Anti-Money Laundering policy and practice through their AML courses, this comprehensive legal CPD training programme will give your employees the tools and training they need in order to meet MLRs and keep your business safe, and all at an affordable price.
So, what are you waiting for? Get you employees complying with all the laws and regulations to keep your business in line with the latest developments every day, using Datalaw’s Anti-Money Laundering courses.