New EU rules for combating money-laundering and terrorist financing


A week ago, the European Parliament adopted new rules for combatting money-laundering and terrorist financing.

The new rules contain several changes which, taken together, mean that obliged entities (banks, financial services, accountants, lawyers, notaries, real estate agents, but importantly as well: art dealers, luxury goods retailers, and, starting in 2029, professional football clubs) will have to perform enhanced due diligence and checks on customer’s identity, report to the competent authorities, as well as train properly employees to deal with the increased requirements on the one hand, while keeping customer satisfaction on the other hand.

These changes will require quite some adaptations in the internal systems and information retention, as well as the code of conducts. It will also mean much better information and training of employees dealing with customers and their information.

Asking the proper questions, explaining to the customers why those checks are needed, without suggesting that all customers are ill-intentioned, and without generating a truck load of false-positive alerts will become a critical competitive advantage for companies. This will translate into needs to properly train and educate the employees, so that they are well equipped to comply with the enhanced AML/CFT rules, while keeping customer satisfaction high.

We, at Serapy, help companies provide interesting and relevant compliance training to their employees, by providing company- and role-specific online trainings, using the demonstrated benefits of gamification and role-play.

Reach out to Sophie Bertin Hadjiveltcheva to discuss how you can benefit as well from our flexible Training-As-a-Service offering and ensure you stay ahead of the game!

Start improving compliance and reducing risks today.

Take action now and request a demo.