Financial Crime World

Here is the rewritten article in Markdown format:

Compliance Officer Role Renamed: Firms Must Appoint Designated Officer

======================================================

The Central Bank of Ireland (CBI) has issued updated guidelines for the financial sector, renaming the function of the Money Laundering Reporting Officer (MLRO) to Compliance Officer. The Guidelines emphasize the importance of appointing a senior management-level employee with an independent reporting line to the board to monitor and manage compliance with anti-money laundering (AML)/counter-terrorist financing (CFT) policies, controls, and procedures.

New Obligations and Clarifications

The updated guidelines introduce new obligations and clarifications on various aspects of AML/CFT, including:

  • Whistleblowing Policy: Firms must have a whistleblowing policy in place, which must be communicated to all employees.
  • Transaction Monitoring: The Guidelines provide detailed expectations for transaction monitoring controls, including the use of automated systems versus manual monitoring.
  • Suspicious Transaction Reports (STRs): Poor-quality STRs have been updated, and firms are now required to submit reports using Revenue’s Online Service (ROS) only.
  • Employee Training: Firms must provide regular training on AML/CFT, including the firm’s business risk assessment, internal reporting procedures, and whistleblowing policy.

Next Steps for Firms

To comply with the updated guidelines, firms will need to review their existing governance arrangements, processes, and policies to ensure they meet the new requirements. The CBI has also emphasized the importance of retaining records and evidence of AML/CFT processes and compliance.

Maples Group Insights

Our Irish Financial Services Regulatory group is committed to providing expert advice on regulatory requirements and risk management strategies for financial institutions. For further information, please contact your usual Maples Group contact or a member of our Irish Financial Services Regulatory team.

  • ESMA Report on MiFID II Marketing Requirements
  • AI: Risk and Regulatory Considerations for Irish Regulated Firms
  • Central Bank Focus Areas for E-money and Payment Firm Applications
  • …and more.