IRELAND: MINISTER FOR JUSTICE BRINGS INTO FORCE LEGISLATION TO TACKLE MONEY LAUNDERING

The Irish Times on 23rd November reported that the regulations will bring gambling service providers within scope of AML law.  Gambling providers will have to implement due diligence requirements and take responsibility for suspicious transactions in the same way as banks and other financial institutions.  Customer due diligence requirements only apply where the amount of money paid to the customer or paid by the customer is more than €2,000.  There are exceptions for low-risk areas including lotteries, bingo, amusement machines and land-based poker.  The new laws will also re-define who is a “politically exposed person” (PEP) – it now includes those who live in Ireland.  The definition of which businesses are treated as “high-value goods dealers” is expanded to include any business that deals in goods or accepts cash payments of €10,000, as opposed to the previous figure of €15,000.

https://www.irishtimes.com/news/crime-and-law/minister-for-justice-brings-into-force-legislation-to-tackle-money-laundering-1.3708602

https://www.thejournal.ie/new-rules-money-laundering-4357430-Nov2018/

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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