Financial Crime World

IRELAND APPROVES ENHANCED MONITORING OF SUSPICIOUS TRANSACTIONS

DUBLIN, IRELAND - In a move aimed at strengthening Ireland’s anti-money laundering (AML) and combating terrorist financing efforts, the government has approved enhanced monitoring of suspicious transactions.

Enhanced Monitoring Measures

The new measures will see an increase in the number and timing of controls applied, as well as the selection of patterns of transactions that require further examination. This is part of the country’s efforts to comply with international standards set by the Financial Action Task Force (FATF).

  • The designated person making a disclosure must be a credit institution, financial institution, majority-owned subsidiary, or a branch of a credit or financial institution.
  • The disclosure was made to an entity within the same group structure, aimed at facilitating the sharing of information relating to suspicious transactions in group situations.

Financial Intelligence Unit Feedback

In related news, the Financial Intelligence Unit (FIU) will provide timely feedback to designated persons “where practicable” in respect of suspicious transaction reports made to them.

Transposing EU Anti-Money Laundering Directive

The enhanced monitoring measures are part of Ireland’s efforts to transpose certain criminal justice provisions from the 5th EU anti-money laundering Directive into Irish law. The directive aims to:

  • Prevent risks associated with the use of virtual currencies for terrorist financing
  • Limit the use of pre-paid cards
  • Improve safeguards for financial transactions to and from high-risk third countries

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill [2020] is currently being drafted and will be published in due course. The bill is expected to include provisions on:

  • The use of virtual currencies for terrorist financing
  • Enhanced customer due diligence requirements
  • Technical amendments to other provisions of the Acts already in force

Anti-Money Laundering Compliance Unit

Ireland’s Anti-Money Laundering Compliance Unit has been established to monitor compliance with AML/CFT regulations and report suspicious transactions to An Garda Síochána and the Revenue Commissioners. The unit is responsible for:

  • Authorizing and monitoring Trust or Company Service Providers
  • Tax Advisers/external Accountants
  • Bookmakers
  • Private Members’ Clubs
  • High Value Goods Dealers

Government’s Commitment to Combating Money Laundering and Terrorist Financing

The government’s approval of enhanced monitoring measures reflects Ireland’s commitment to combating money laundering and terrorist financing, as well as its efforts to comply with international standards set by the FATF.