Central Bank of Ireland: Combating Financial Crime and Terrorist Financing

The Central Bank of Ireland reaffirms its commitment to fighting financial crime and terrorist financing through rigorous regulations. With an increasing number of financial institutions, the Central Bank aims to protect the domestic economy and global financial system.

AML/CFT Compliance and Implementing AMLD4

• Strict approach towards Anti-Money Laundering and Countering the Financing of Terrorism (AMLT/CFT) compliance
• Implementation of the Fourth EU Anti-Money Laundering Directive (AMLD4)
• Requirement for financial institutions to conduct _extitititititit_customer due diligence (CDD):
  • Obtaining and verifying beneficial owners’ identities
  • Understanding business relationships
  • Ongoing transaction monitoring

Utilizing Technology

• Advanced analytical tools and machine learning algorithms to recognize and investigate suspicious transactions
• Enhancing oversight of FinTech and emerging business models

Ongoing Focus

• Assessing risks and updating policies in line with emerging trends

Upcoming Developments

• Implementation of a new AML/CFT legislation for virtual assets
• Regulation of virtual assets to address digital asset industry challenges
• Positioning Ireland as a global leader in virtual asset regulation

Conclusion

• Central Bank of Ireland’s firm commitment to a clean and safe financial sector
• Stringent regulatory framework, robust oversight, and unwavering resolve against financial crime and terrorist financing
• Adapting to new challenges in the financial sector and ensuring a future where these malicious activities have no room to fester.