Financial Crime World

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FATF Recommendations on AML/CFT in Ireland

Ireland’s financial sector must remain vigilant against the risks of money laundering (ML) and terrorist financing (TF). To combat these threats, supervisors and designated persons must conduct thorough risk assessments and apply an effective risk-based approach.

Guidance on ML/TF Risk

Several sources provide guidance on ML/TF risk:

Central Bank of Ireland Guidelines

Published in 2019, the guidelines set out the expectations for credit and financial institutions to comply with AML/CFT obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

National Money Laundering and Terrorist Financing Risk Assessment

The Department of Finance and the Department of Justice and Equality published Ireland’s first ML/TF national risk assessment, which identifies vulnerabilities in certain sectors to being used for ML/TF.

European Guidance on Money Laundering and Terrorist Financing Risk

The European Banking Authority (EBA) published final revised guidelines on ML/TF risk factors, which take into account changes to the EU’s AML/CFT legal framework and address new risks.

Supranational Risk Assessment Report (SNRA)

The European Commission also issued its SNRA, which analyzes money laundering and terrorism financing risks and recommends a comprehensive action plan to address them.

FATF Guidance

The Financial Action Task Force (FATF) publishes guidance that assists in identifying ML/TF threats and vulnerabilities, helping supervisors, financial institutions, and designated non-financial businesses and professions adopt a risk-based approach.

FATF Recommendations

  • Identifies jurisdictions with weak measures to combat ML/TF.
  • Provides guidance on adopting a risk-based approach for various sectors.

Basel Committee Risk Management Guidelines

The Basel Committee describes how banks should include risks related to money laundering and financing of terrorism within their overall risk management framework.

Staying Informed

By staying informed about these guidelines and recommendations, Ireland’s financial sector can better mitigate the risks of ML/TF and maintain its reputation as a safe and secure place to conduct business.