Here you can find all of the key legislation that shapes the regulatory landscape and our course content.
The First Money Laundering Directive (Council Directive 91/308/EEC) provided the initial framework for the subsequent Second and Third Directives.
Key preventative measures were established including customer/client identification, record-keeping and central methods of reporting suspicious transactions.
It was passed to ensure a universal approach was adopted by the EU Member States to combat the problem of money laundering, thus protecting the EU Single Market.
The Second EU Money Laundering Directive (2001/97/EC) adopted a broader definition of money laundering, taking into account underlying offences such as corruption and thus expanding the predicate offences.
It clarified that currency exchange offices, money transmitters and investment firms were included within the scope of the directive as they were susceptible to money laundering transactions.
In addition, authority was added to identify, trace, freeze, seize and confiscate any property and proceeds linked to criminal activities.
The Third Money Laundering Directive (2005/60/EC) sought to prevent the financial and certain non-financial sectors from being used for money laundering and terrorist financing in line with Financial Action Task Force (FATF) global standards.
It set out measures to establish the true identity of customers, report suspicious transactions and set up preventive systems within their organisations.
The EU implemented the Fourth Money Laundering Directive ((EU) 2015/849) in June 2017 to bring a more risk-based approach to tackling money laundering and counter-terrorist financing.
The changes impose new responsibilities upon businesses, starting with reinforcing their existing risk-based approaches across all aspects of their AML/CTF compliance programmes.
On 19 June 2018, the Fifth Money Laundering Directive ((EU) 2018/843), which amended the 4th anti-money laundering Directive, was published in the Official Journal of the European Union. The Member States had to transpose this Directive by 10 January 2020.
5MLD amended 4MLD and includes lessons learnt from the Paris and Brussels terrorist attacks and the Panama papers, plus technological innovation.
The changes impose new responsibilities on businesses, addressing issues including Enhanced Due Diligence (EDD), Politically Exposed Persons (PEP), new technologies and beneficial ownership.
The Sixth Money Laundering Directive (EU) 2018/1673) focused on tackling crimes enabled by money laundering (including trafficking, bribery, and so on).
Alternative Investment Fund Managers Directive (2011/61/EU).
The Bank Secrecy Act (primary U.S. anti-money laundering law, amended by the USA Patriot Act in 2001. Among other measures, it imposes money laundering controls on financial institutions and many other businesses, including the requirement to report and to keep records of various financial transactions.
The UK Bribery Act 2010 is one of the toughest anti-corruption laws in the world and an inspiration for similar legislation in other countries.
Although the US Foreign Corrupt Practices Act (FCPA) is much older and often used against corporate malpractice, the UK Bribery Act is more comprehensive in outlawing the giving or taking of bribes under any circumstance, including grease/facilitation payments.
Individuals and companies convicted of breaching this law anywhere in the world can be hit with unlimited fines and up to 10 years imprisonment.
This UK Act updated the earlier 1998 Act and complements the GDPR (2018). Its aim is to protect personal data and uphold the rights of individual data subjects.
This regulation obliges employers to maintain electrical equipment provided for work purposes in a safe condition (domestic electrical supply, items and sockets are the employee's responsibility).
Under the Equality Act 2010, employers have a responsibility to protect their workers from any form of harassment, discrimination and bullying in the workplace.
The UK Financial Services and Markets Act (2000) created the Financial Services Authority (FSA) as a regulator for insurance, investment and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts. It also created the Prudential Regulation Authority to supervise banks, building societies, credit unions, insurers and major investment firms.
The General Data Protection Regulation (GDPR) was implemented in May 2018 driving a complete overhaul of data protection laws as we know it.
It affects every organisation that processes the personal identifiable information (PII) of EU residents as well as organisations outside of the EU who provide services to EU businesses.
The financial penalties are much tougher with the fines for GDPR breaches now representing up to 4% of your global annual turnover or EUR 20 million, whichever is the highest. So it is critical to ensure your organisation understands and adheres to GDPR.
This regulation was amended in 2002 and obliges employers to assess and minimise the risks for employees who habitually use Display Screen Equipment (DSE).
This regulation created an obligation for employers to provide adequate first aid provisions.
The Health and Safety at Work Act (HSWA) 1974 created an employer obligation to protect the health, safety and welfare of employees.
The EU Market Abuse Regulation (EU MAR) came into effect on 3 July 2016. As a result of Brexit, it was onshored into UK law.
The UK Market Abuse Regulation (2020) aims to increase market integrity and investor protection, enhancing the attractiveness of securities markets for capital raising.
It contains prohibitions of insider dealing, unlawful disclosure of inside information and market manipulation, and provisions to prevent and detect these.
These regulations oblige employers to conduct a risk assessment of work activities undertaken by employees.
The Modern Slavery Act, which came into force in the UK in 2015, is one of the first legislation of its kind in the world. It has forced companies to undertake risk assessments of their own operations and their supply chains and put in place measures to fight modern slavery.
Section 54 of the Act requires large organisations, those with annual global turnover of over £36 million, to publish a modern slavery statement detailing steps they've taken to identify and prevent modern slavery.
These regulations created an obligation for employers to control risks to health and safety from all work equipment that workers use.
The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations created an
obligation for employers to obtain information from workers on any accidents, work-related ill health, incidents and near-misses and report them to the authorities.
This Act established the legal basis for the Independent Safeguarding Authority who managed the two lists of people barred from working with children and/or vulnerable adults. It places a statutory duty on all those working with vulnerable groups to register and undergo an advanced vetting process with criminal sanctions for non-compliance.
These regulations created an obligation for employers to ensure that employees do not work more than 48 hours a week (less for under 18s) unless they have opted out.
The Criminal Finances Act (2017) targets corruption, money laundering and tax evasion and affects all UK organisations. The Act builds on the existing legislation to offer greater enforcement powers and additional measures to protect the public purse.s.