Financial Crime World

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Banking Regulations Crack Down on Anti-Fraud in Ireland

Ireland has implemented strict laws to combat money laundering and terrorist financing, following recommendations from the Financial Action Task Force (FATF). The country’s anti-money laundering regulations aim to prevent criminal proceeds from being disguised as legitimate income.

What is Money Laundering?

The law defines money laundering as the processing of cash and assets obtained from illegal activities to conceal their illicit origin. Under Irish law, it is illegal to hide the true nature, source, location, movement or ownership of such property, obtain, handle, keep or use it, transfer or convert it, or move it in or out of the country.

Designated Persons

Those required by law to guard against money laundering include designated persons working in various sectors. These individuals and businesses must take specific measures to prevent their activities from being used for illegal purposes.

  • Auditors
  • External accountants
  • Tax advisers
  • Trust and company service providers
  • Property service providers
  • Casinos
  • Credit institutions
  • Financial institutions
  • Gambling services providers
  • Directors of private members clubs with gambling facilities
  • Virtual asset service providers
  • Traders of goods or works of art receiving cash payments over €10,000

Compliance Requirements

To comply with the law, designated persons must:

  • Carry out risk assessments
  • Apply customer due diligence
  • Report suspicious transactions to An Garda Síochána (the Financial Intelligence Unit) and the Revenue Commissioners
  • Have specific procedures in place to prevent money laundering and terrorist financing

Individuals Opening Bank Accounts

Individuals opening bank accounts are required to provide proof of their identity and may be asked additional questions about the origin of funds and nature of business.

Competent Authorities

The following competent authorities are responsible for monitoring designated persons and ensuring compliance with the regulations:

  • Central Bank of Ireland
  • Designated accountancy bodies
  • Law Society of Ireland
  • Legal Services Regulatory Authority
  • Property Services Regulatory Authority
  • Anti-Money Laundering Compliance Unit