AML/CTF - Compliance Ireland

Following 5AMLD’s transposition into Irish law on 23 April, the Central Bank of Ireland circulated a press release on their recently published details of the registration process for Virtual Asset Service Providers (‘VASPs’) under 5AMLD. VASPs are required to register with the Central Bank for AML/CFT purposes only. Virtual Asset Service Providers … Continued

Who is this service for From 7 September 2020, Revenue will introduce changes to how Suspicious Transaction Reports (STRs) are submitted. Reporting Entities and Money Laundering Reporting Officers (MLROs) [1]  will be required to submit all STRs to Revenue, using Revenue‘s Online Service (ROS) only. Revenue will no longer accept hard copy … Continued

On 6 November 2019, the Central Bank of Ireland (the Central Bank) reprimanded and imposed a fine of €185,500 on Savvi Credit Union Limited (Savvi) for three breaches of credit union legislation.  Savvi has admitted the breaches. The Central Bank determined that the appropriate fine was €265,000, which was reduced by … Continued

The CBI published guidelines on its expectations regarding the AML/CTF obligations of firms following the full transposition of 4MLD. The Central Bank of Ireland published Anti-Money Laundering and Countering the Financing of Terrorism Guidelines for the Financial Sector (“the Guidelines”) on 6 September 2019. The Guidelines set out the expectations … Continued