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Ireland’s Anti-Money Laundering Compliance Unit Supervises Designated Persons
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The Anti-Money Laundering Compliance Unit (AMLCU) has been designated as a Competent Authority under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. As part of its mandate, the AMLCU supervises various Designated Persons, including:
- High Value Goods Dealers
- Art Traders and Intermediaries
- Notaries
- Trust or Company Service Providers
- Tax Advisers and External Accountants
Responsibilities of the AMLCU
The AMLCU is responsible for ensuring that these Designated Persons comply with their obligations under the Act, which includes:
- Monitoring their activities
- Reporting suspicious transactions to the Financial Intelligence Unit (FIU) and Revenue Commissioners
- Adopting a risk-based approach to supervision
- Ensuring relevant information on domestic and international risks of money laundering and terrorist financing
- Reviewing the assessment of ML/TF risk profile of Designated Persons periodically and in response to major events or developments
- Cooperating with other Member States competent authorities to combat financial crime
Guidelines for Designated Persons
According to Section 25 of the Act, a Notary is considered a Designated Person if they provide assistance in planning or executing transactions for clients, including:
- Buying or selling land or business entities
- Managing client assets
- Opening bank accounts
- Organizing contributions for company creation
The AMLCU has also outlined guidelines for High Value Goods Dealers, who are required to report cash transactions exceeding €10,000. Similarly, Art Traders and Intermediaries must report suspicious transactions involving high-value art pieces.
Quotes from the AMLCU
“We take our responsibility to combat money laundering and terrorist financing very seriously,” said a spokesperson for the AMLCU. “Our supervisory approach is risk-based, and we work closely with other authorities to ensure that Designated Persons comply with their obligations under the Act.”
Annual Reports
The AMLCU’s annual reports are available on its website, providing insight into its activities and efforts to combat financial crime.
Contact Information
For more information, please contact:
Anti-Money Laundering Compliance Unit (AMLCU) antimoneylaundering@justice.ie