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Revised guidelines on Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) was published by the Central Bank of Ireland on 23 June 2021. This was derived from the enactment of the Criminal Justice (Money Laundering and Terrorist Financing)(Amendment) Act 2021, taken from the fifth AML Directive EU/2018/843 (“5MLD”) into Irish law.
This revision stipulates CBI’s current expectations from designated persons’ existing obligations under the Criminal Justice (Money laundering and Terrorist Financing) Act 2010 (“CJA 2010”) in areas surrounding:
- Documentation, Information and records of customers and compliance documentation;
- Beneficial Owners of companies, their nature and behavior;
- Enhanced due diligence (“EDD”)requirements on Politically Exposed Persons (“PEPS”) and High-Risk Third Countries and other High-Risk Situations;
- Internal governance requirements surrounding a member of senior management, compliance officer, policies and procedures;
- Data protection;
- Monitoring;
- Reporting; and
- Internal AML/CFT training.
Firms are expected to review the revised AML/CFT guidelines to ensure they are compliant with their existing governance, processes and policies.
Also check our articles about: The Anti-Money Laundering Fourth Directive in the EU
Document Retention Obligations under the Swiss Anti-Money Laundering legislation
