Date Published 18/11/2021
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Guidelines for the Financial Sector (revised 23 June 2021)
The Central Bank published an update to its AML/CFT Guidelines on 23 June 2021. The Guidelines were amended to reflect changes made to Irish law by the EU’s Fifth Anti-Money Laundering Directive. The Central Bank has also updated its guidance on internal governance requirements, de-risking and data protection.
- Key amendments to the Guidelines include:
The requirement for Firms to apply specific enhanced due diligence (EDD) measures when dealing with a customer established or residing in a high-risk third country.
- The broadening of the sources of information, which can be used by a Firm to identify and verify a customer’s and their beneficial owner’s (where applicable) identity.
- Where applicable, the requirement for Firms to confirm that relevant information concerning the beneficial owner(s) of a customer has been entered onto the applicable beneficial ownership register before allowing transactions to be conducted on behalf of the customer or its beneficial owner.
- The requirement to continue to apply EDD measures to a customer who is a Politically Exposed Person (PEP) for as long as is reasonably required.
- Further guidance on the internal governance requirements set out in sections 54(7) and 54(8) CJA 2010.
Action: it is appropriate to review the AML/CFT policies of the ICAV to see if amendments are required in light of the revised guidelines. A recent update was already undertaken to reflect the actual updated legislation. The MLRO has confirmed that a review is underway and any updates will be tabled for approval at the Q4 board meeting.