Regional Guide

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Global AML Guide

1. Are there any sanctions imposed against Ireland?
    There are no sanctions imposed on Ireland.
2. What are the regulated institutions in Ireland?
    Bank, financial and credit institutions', Financial leasing, foreign exchange, money market instruments (cheques, bills, certificates of deposit, etc.), financial futures and options, exchange and interest, portfolio management and advice, safe custody services, issuing electronic money, etc.
3. Who are the local regulatory authorities in Ireland, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The Law Society of Ireland, the General Council of the Bar of Ireland, Central Bank of Ireland (CBI).
4. What is the status of Ireland's FATF?
    Ireland is a member state obliged to comply with FATF regulations. It is not included in the list of countries with strategic AML deficiencies prepared by FATF. The last Mutual Assessment Report on the implementation of anti-money laundering standards in Ireland was made in 2019. Based on this assessment by the FATF, Ireland is Compliant for 17 of the FATF 40 Recommendations and Largely Compliant for 16 of them.
5. Which global regulations Ireland have to comply with?
    Since it is a member of FATF in the regulations, it should comply with the AML recommend that FATF member countries should implement, as well as the EU Anti Money Laundering Directives as it is a member of the European Union.
6. What are the AML obligations of the businesses in Ireland?
    The obliged entities should carry out a risk assessment for their business, they should take Customer Due Diligence measures to understand the risks of customers, Identify Political Exposed Persons (PEP) and Relatives and Close Associates (RCA), reporting of the persons assigned to the institutions, internal policies and procedures, training and registration must determine retention requirements.
7. What are the local AML laws and regulations in Ireland?
    The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013, Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, The Criminal Justice Act 2005.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Ireland?
    Convictions for money laundering or financing of terrorism may face up to 14 years in prison. Provisions on fraud offenses under the Criminal Trial Act 2001 include sentences of up to 10 years in prison. Other than that, fines may also be imposed.
9. What are the contact details of the relevant regulators in Ireland?
    Central Bank of Ireland (CBI)
    New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3
    T: +353 (0)1 224 6000
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Ireland?
    Yes, companies under the Criminal Justice Act 2010 may face up to five years in prison or fines for failure to comply with their obligations, fail to conduct appropriate customer due diligence, or report a transaction suspected of making money.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Ireland?
    In Ireland, incumbents must keep up with the changing dynamics of AML laws and follow them frequently. They must carry out the necessary procedures to comply with these regulations. Sanction Scanner AML Name Screening ensures that all organizations in the Administration comply with all regulations with Transaction Monitoring, Transaction Screening, and Adverse Media Screening solutions. Contact Us or Request Demo. so we can minimize your risks.