Anti-Money Laundering

Our advisors can assist your organisation with its compliance as is required under Anti-Money Laundering (“AML”) and Counter-Financing of Terrorism (“CFT”) legislation.

 

Certain entities are subject to AML/CFT regulations as covered by The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013 (“the Act”). If your business is included in the types of persons classified as a “designated person” under Section 25 of the Act, then we can help you with your compliance.

How can we help

Below is a short summary of what organisations are required to have in place under the law. However, we have found that some just need a bit of guidance and assistance to ensure that they are fully compliant with their obligations. From preparing the initial risk assessment to implementing polices, controls and procedures and carrying out in-house training, we can help you through the steps involved.

Business Risk Assessment

Under the Act, all organisations, no matter what size, must complete a Business Risk Assessment (“BRA”). A well thought out BRA is essential as this informs an organisation’s due diligence measures and documents the risk determination process. It also dictates the appropriate policies, controls and procedures (“PCPs”) needed to combat the risks identified.

On-Going Monitoring

Organisations are required to carry out ongoing monitoring of all business relationships on a regular basis. This involves the scrutiny of transactions, including where necessary, the source of funds, to ensure they are consistent with the organisation’s knowledge of the client, their business and risk profile.  Periodic client reviews should be carried out, as well as identifying key trigger events that will require an updated client risk review.

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Customer Due Diligence

Under the law, it is a requirement for designated persons to carry out Customer Due Diligence (“CDD”) when doing regulated work. Sufficient evidence should be obtained to establish that a real person or organisation is being dealt with, and this evidence should be used to assess the risk that the client might be involved in AML activities, or might seek to use your organisation to assist them in this activity. CDD can be simplified or enhanced depending on the risk level identified in your BRA

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Policies Controls and Procedures

The obligation of organisations to ensure that they adopt appropriate Policies Controls and Procedures (“PCPs”) is explicitly referred to in the Act. Effective AML compliance for any organisation must include the implementation of controls that increase the chances of detecting and preventing money laundering. In order to identify, assess, monitor and manage the risks, the PCPs should be designed to suit the level of risk.

Suspicious Transaction Reports

Organisations are required to prepare a Suspicious Transaction Report (“STR”) in any instance where an organisation encounters actions which are inconsistent with a client’s known legitimate business or personal activities or with the normal business for the type of client. Organisations are legally obliged to report any actual or suspected instances of money laundering to the Financial Intelligence Unit (“FIU”) of An Garda Síochána and Revenue.

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Training

The Act also puts an emphasis on training and making sure that all staff are aware of the obligations of the organisation, and them as employees, in relation to compliance with AML/CFT legislation. Specific and regular training is required.

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Beneficial Ownership

Under the Beneficial Ownership of Corporate Entities Regulations 2016, most corporate and other legal entities incorporated in a Member State are now required to “obtain and hold adequate, accurate and current information on their beneficial ownership”.