Irish Anti-Money Laundering Unit Supervises High-Risk Businesses
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The Anti-Money Laundering Compliance Unit (AMLCU) has announced its supervision of several high-risk businesses and professions to prevent money laundering and terrorist financing.
Exemptions from Anti-Money Laundering Regulations
According to the AMLCU’s guidelines for designated persons, certain industries are exempt from anti-money laundering regulations. These exemptions include:
- Poker games not conducted at a casino or private members’ club
- Lotteries regulated by the Gaming and Lotteries Act 1956
- Gaming machines or amusement machines operated in accordance with the same act
Designated Professions and High-Risk Businesses
The AMLCU has also designated several professions as “relevant independent legal professionals,” including:
- Barristers
- Solicitors
- Notaries who provide services such as assistance in planning or executing transactions for clients, with a total value of at least €10,000.
Additionally, the unit has identified high-value goods dealers, art traders and intermediaries, and tax advisers and external accountants as high-risk businesses that require closer supervision.
Responsibilities of the AMLCU
The AMLCU’s responsibilities include:
- Effectively monitoring designated persons for whom it is a competent authority
- Taking measures reasonably necessary to secure compliance with anti-money laundering regulations
- Reporting suspicious activity to the Financial Intelligence Unit (FIU) and Revenue Commissioners
- Establishing effective mechanisms for encouraging the reporting of potential breaches of anti-money laundering regulations
Mission and Goals
The AMLCU’s mission is to ensure compliance with anti-money laundering regulations, while also providing guidance and support to those who need it. The unit is committed to preventing money laundering and terrorist financing in Ireland.
Annual Reports
The AMLCU’s annual reports are available on its website at www.amlcompliance.ie.
About the Anti-Money Laundering Compliance Unit
The Anti-Money Laundering Compliance Unit (AMLCU) is a competent authority responsible for supervising and regulating businesses and individuals to prevent money laundering and terrorist financing in Ireland. The unit’s mission is to ensure compliance with anti-money laundering regulations, while also providing guidance and support to those who need it.
Contact Information
Anti-Money Laundering Compliance Unit antimoneylaundering@justice.ie