By David Oliveira, teacher "Compliance in the financial sector: Prevention of money laundering and terrorist financing" in it Master in Compliance & Data Protection Management of the EIP International Business School
Context
Last Tuesday, June 23, 2020, the public hearing period for the preliminary draft modification of the Law on Prevention of Money Laundering and Financing of Terrorism (Law 10/2010, of April 28) whose parliamentary approval is scheduled for the second half of 2020.
The purpose of this standard is to transpose the fifth European directive relating to preventing the use of the financial system for money laundering or terrorist financing whose transposition period expired on January 10, 2020.
Modifications: Inclusion of new obligated subjects
One of the main modifications derived from the aforementioned directive is the inclusion of new obligated subjects:
- Entities that provide virtual currency exchange services for legal tender as new obligated subjects.
- Electronic wallet custody service providers, understood as those individuals or legal entities that provide safeguarding services for private cryptographic keys on behalf of their clients, for the holding, storage and transfer of virtual currencies in a manner similar to that of the custody of funds or traditional financial assets
- Exchange service providers between different virtual currencies.
- Participatory financing platforms
- Listed real estate investment companies (SOCIMIS)
- Securitization fund management companies.
- Real estate developers and those who professionally carry out agency, commission or intermediation activities in the purchase and sale of real estate and in real estate leases that imply a total annual income equal to or greater than 120,000 euros or a monthly income equal to or greater than 10,000 euros.
Common Information Systems
Another of the main news of the new standard is the possibility of creating common information systems for compliance with due diligence obligations. Furthermore, the maintenance of these information systems may be delegated to a third party, even if they do not have the status of obligated subject.
Is it beneficial to study a Master's Degree in Compliance & Data Protection?
Our teacher, David Oliveira, tells us that the reading between the lines he seeks is to highlight the opportunities that are going to arise in the labor market at the end of this year and the beginning of next, since the entities he describes will have to reinforce their teams. PBC and therefore it is time to train yourself in Compliance and Data Protection Directorate, We will wait for you!
