IRISH CENTRAL BANK AML BULLETIN

On 8th June, McCann Fitzgerald published a briefing reporting that the Central Bank of Ireland has issued the first publication of its Anti-Money Laundering Bulletin in 2018 which focuses on investment firms, including stockbrokers, asset managers and trading platforms.  The Bulletin contains information regarding the Central Bank’s supervisory engagements with firms.  It identifies emerging trends in the sector as well as AML/CFT and financial sanctions compliance issues.  The briefing concludes that the Bulletin serves as a useful reminder of the Central Bank’s expectations regarding AML/CFT compliance, and in particular it highlights the dynamic nature of AML/CFT compliance.  The Bulletin states that the Central Bank has identified AML/CFT compliance issues in 3 areas:

  • AML/CFT Risk Assessments;
  • Politically Exposed Persons (PEP) screening and Transaction Monitoring; and
  • Resourcing and Training.

https://www.mccannfitzgerald.com/knowledge/asset-management-and-investment-funds/central-bank-publishes-aml-bulletin

The Bulletin itself is available at –

https://www.centralbank.ie/docs/default-source/regulation/how-we-regulate/anti-money-laundering-and-countering-the-financing-of-terrorism/legislation/anti-money-laundering-bulletin-on-investment-firms—may-2018.pdf?sfvrsn=2

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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