Financial Crime World

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Ireland’s Quest for Financial Crime Prevention: Regulatory Bodies Take Center Stage

In a move to bolster its financial crime prevention efforts, the Irish government has pledged to strengthen the powers and resources of authorities tasked with combating money laundering and terrorism financing. As a result, organizations operating in Ireland must navigate a complex web of anti-money laundering (AML) and counter-terrorist financing (CFT) regulations.

The Central Bank of Ireland: A Leading Authority

At the forefront of this effort is the Central Bank of Ireland (CBI), the country’s primary AML regulator. Established in 1943, the CBI is responsible for overseeing Ireland’s financial institutions to ensure compliance with AML/CFT regulations. Its duties include conducting on-site inspections, monitoring risk-based compliance procedures, and enforcing administrative sanctions against non-compliant firms.

Key AML Regulations in Ireland

The primary AML/CFT legislation in Ireland is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by subsequent legislation. This act defines money laundering offenses and requires financial institutions to implement a risk-based AML/CFT solution. Key compliance measures include:

  • Customer due diligence
  • Transaction screening
  • Watchlist screening
  • Sanctions screening
  • Employee training

Complying with Ireland’s AML Regulations

To comply with Irish AML regulations, firms must:

  • Conduct a risk assessment of customers at onboarding
  • Identify ultimate beneficial owners (UBOs)
  • Deploy proportionate compliance measures
  • Implement a comprehensive CJA 2010 compliance program that includes:
    • Customer due diligence
    • Transaction screening
    • Watchlist screening
    • Sanctions screening
    • Adverse media screening

Recent AML Initiatives in Ireland

Ireland is set to implement the EU’s Markets in Crypto Assets (MiCA) regulation, which will address AML risks posed by certain crypto-assets. The country has also announced its bid to host the new EU Anti-Money Laundering Authority (AMLA).

Next-Generation AML Screening

As Ireland’s AML landscape evolves, financial institutions must adapt to new regulatory obligations and criminal methodologies. Automated screening solutions are critical in this environment, enabling firms to:

  • Collect and analyze vast amounts of customer data
  • Minimize false positives
  • Make decisions quickly

Ripjar’s Labyrinth Screening platform is designed to meet these challenges, offering real-time search capabilities against thousands of global media sources, including PEP lists and sanctions lists. With AI Risk Profiles built into its searches, Labyrinth enables firms to:

  • Identify and extract only the most relevant risk information about their customers
  • Speed up the screening process
  • Enhance accuracy

Contact Us

For more information on how Ripjar can support your AML compliance in Ireland, please contact us today.