Financial Crime World

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Ireland’s Anti-Money Laundering Legislation: A Comprehensive Guide

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In an effort to combat money laundering and terrorist financing, Ireland has implemented robust anti-money laundering (AML) and countering the financing of terrorism (CFT) legislation. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by subsequent legislation, is the primary piece of legislation governing AML/CFT in Ireland.

Who Does it Apply To?

The CJA 2010 applies to a wide range of individuals and entities, including:

  • Financial institutions
  • Credit institutions
  • Lawyers
  • Accountants
  • Real estate agents
  • Other designated persons

The act also sets out specific obligations for:

  • Beneficial owners
  • Politically exposed persons (PEPs)

Key Features of the Act

The CJA 2010 is designed to ensure effective implementation of international standards relating to AML/CFT. Key features of the act include:

Definitions and Requirements

  • Definitions of money laundering, designated persons, and beneficial owners
  • Customer due diligence requirements for designated persons
  • Risk-based approach to AML/CFT, including business-level and customer/transaction-level risk assessments

Obligations and Reporting

  • Obligations to identify beneficial owners and PEPs
  • Reporting, internal policies and procedures, training, and record-keeping requirements
  • Monitoring and supervision of designated persons

Role of the Central Bank

The Central Bank of Ireland is responsible for monitoring and supervising financial and credit institutions’ compliance with AML/CFT obligations. The bank has the power to take measures necessary to ensure that these institutions comply with the act.

Other Relevant Legislation

In addition to the CJA 2010, other relevant legislation includes:

  • Criminal Justice (Terrorist Offences) Act 2005
  • European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019
  • European Union (Information Accompanying Transfers of Funds) Regulations 2017

European Legislation

Ireland is required to implement EU directives on AML/CFT, including:

  • Directive 2005/60/EC
  • Directive (EU) 2015/849
  • Directive (EU) 2018/843
  • Regulation (EU) 2015/847

Conclusion

Ireland’s AML/CFT legislation is designed to prevent the use of its financial system for money laundering and terrorist financing purposes. By understanding the key features and obligations of the CJA 2010 and other relevant legislation, individuals and entities can ensure compliance with these regulations and help keep Ireland’s financial system safe.