New Regulations Aim to Strengthen Fight Against Money Laundering and Terrorist Financing
In a bid to combat money laundering and terrorist financing, the Irish government has introduced new regulations under S.I. 487 of 2018 to strengthen its efforts in this area.
Exempted Activities
The regulations exclude certain activities from the definition of “designated persons”, including:
- Poker games provided at physical locations other than casinos or private members’ clubs
- Lotteries within the meaning of the Gaming and Lotteries Act 1956
- Gaming machines or amusement machines provided in accordance with section 14 of the Gaming and Lotteries Act 1956
New Guidelines for Designated Persons
The Anti-Money Laundering Compliance Unit (AMLCU) has issued guidelines for designated persons, including:
- Art traders and intermediaries
- High-value goods dealers
- Notaries
- Trust or company service providers
- Gambling service providers
- Tax advisers
- External accountants
AML/CTF Obligations
Designated persons are required to take measures to ensure their businesses are not being used for money laundering and/or terrorist financing. These obligations include:
- Identifying and verifying the identity of customers
- Conducting customer due diligence
- Reporting suspicious transactions to the Financial Intelligence Unit (FIU)
- Maintaining accurate records
AMLCU Responsibilities
The AMLCU is responsible for:
- Monitoring designated persons
- Taking measures to ensure compliance with regulations
- Reporting suspected money laundering or terrorist financing activities to the FIU and Revenue Commissioners
- Adopting a risk-based approach to supervision
Annual Reports
The AMLCU publishes an annual report detailing its activities and efforts to combat money laundering and terrorist financing. The reports are available on the AMLCU’s website.
Cooperation with Other Member States
The AMLCU cooperates with other Member States’ competent authorities to:
- Develop policies
- Coordinate activities
- Ensure effective supervision of designated persons operating across borders
Communication Channel for Breach Reports
The AMLCU provides a communication channel for reporting potential or actual breaches of the regulations. The email address is antimoneylaundering@justice.ie.
By strengthening its regulations and guidelines, the government aims to enhance Ireland’s efforts to combat money laundering and terrorist financing, and protect the integrity of the financial system.