2nd January 2019

Anti-Money Laundering and Countering the Financing of Terrorism Guidelines for the Financial Sector

The Central Bank of Ireland (the ‘CBI’) is proposing to introduce Guidelines as set out in Schedule 1 of the Consultation Paper CP128 published 21 December 2018, in order to supplement Part 4 of the The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act, 2018. This sets out the obligations on Firms to put in place systems and controls to prevent and detect money laundering and terrorist financing. The purpose of the Guidelines is to set out the expectations of the Central Bank in respect of Firms compliance with their AML/CFT obligations, following the enactment of the 2018 Act. The Guidelines incorporate expectations set out in previous Central Bank publications that have been communicated to Firms via Central Bank AML/CFT Sector Reports, AML/CFT Bulletins, and relevant European Supervisory Authority Guidelines in addition to setting out the Bank’s expectations with regard to additional obligations imposed under 4AMLD. A copy of CP128 can be viewed in the following link - CP128