Ireland: Guidelines on preventing money laundering and countering terrorism financing published
The Central Bank of Ireland has launched Guidelines to assist regulated entities to meet their anti-money laundering and countering the financing of terrorism obligations.
Speaking at the launch, Director General, Financial Conduct, Derville Rowland said firms must ‘adopt a risk-based approach to fulfilling their obligations and ensure that their controls, policies and procedures are fit for purpose, up-to-date, tested and kept under constant review and scrutiny.’
The 4th EU Anti-Money Laundering Directive was transposed into Irish law as 2018 amendments to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
The Criminal Justice Act (2010), as updated, provides for enhanced customer due diligence of domestic Politically Exposed Persons (PEPs), their immediate families and known close associates. This comes on top of the existing requirement to perform enhanced due diligence on PEPs who reside outside the state.