In the United States and the European Union, anti-money laundering (AML) reforms have pressed forward in 2017, with new regulations on customer due diligence (CDD) and beneficial ownership taking shape in both regions. US financial institutions subject to the Financial Crimes Enforcement Network’s (FinCEN) new CDD Rule must comply with revised risk-based procedures and beneficial ownership obligations starting May 11, 2018. Similarly, by April 15, 2018, New York State-licensed financial institutions must file their first annual certifications attesting to the sufficiency of their transaction monitoring and filtering systems as required by a new New York Department of Financial Services’ (NYDFS) regulation. In Europe, the Fourth Anti-Money Laundering Directive came into force on June 27, 2017. Financial institutions and “obliged entities” are assessing the impact of recent EU member state legislation implementing the new directive, while the European Parliament is already considering amendments to the directive (i.e., the Fifth EU Money Laundering Directive). In this context, the United Kingdom has adopted new money laundering measures, and a new agency will be put in place.
Please join Mayer Brown partners Tom Delaney, Nicolette Kost De Sevres and Guy Wilkes as they discuss:
- US developments, including updates on the FinCEN and NYDFS regulations, recent enforcement actions against virtual currency companies and the AML enforcement outlook for the Trump administration
- The EU Fourth Money Laundering Directive: its status, requirements and application across Europe
- UK AML developments, including the Fourth Money Laundering implementation, FCA priorities and the new Anti-Money Laundering Supervisory Agency
For additional information, please contact GFMI@mayerbrown.com.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
5:00 p.m. – 5:30 p.m. CEST
4:00 p.m. – 4:30 p.m. BST
11:00 a.m. – 11:30 a.m. EDT
10:00 a.m. – 10:30 a.m. CDT
9:00 a.m. – 9:30 a.m. MDT
8:00 a.m. – 8:30 a.m. PDT