PKF's Senior Partner George Mangion recently attended the Banking and Corporate Management, two-day conference organised by CPH Conferences. This prestigious event was held at the President Hotel Budapest.

During the conference the primary focus was about the latest tax and compliance updates with particular emphasis on Brexit, the 4th Anti-Money Laundering Directive, BEPS (Base Erosion and Profits Shifting), CRS and CFC.

The 4th AML Directive was first drafted on 25 June 2015 while its full implementation was done a year later. This directive places due care and attention by service providers to possess full details on the ultimate beneficial ownership and in certain cases even enhanced customer due diligence.

The directive introduced an expanded definition of a politically exposed person and this now includes a wide spectrum of associated persons. The event emphasised the importance that each service provider should use the Common Reporting Standard and implement common due diligence procedures. 

In the afternoon an interactive workshop was held where delegates were asked for their opinion concerning the future of the financial industry in the light of new regulatory and disciplinary measures contemplated in the 5th Directive.

An interesting debate ensued which featured new aspects of how the industry is hoping to ensure that full attention is given to guard against infringements to the directive, while others commented that such additional measures will create additional cost burdens and may slowdown new business. 

The conference came to an end with a Gala Dinner which was held at Spoon the boat restaurant on the picturesque Danube river. On the second day delegates were given a tour of historical places in Budapest .