Beneficial Ownership – more consistency needed in the EU

In a May 2021 report by Transparency International (TI) called ‘Access Denied? Availability and Accessibility of Beneficial Ownership Data in The European Union’ the authors explain how the great majority of countries across the European Union (24 out of 27) have a private central beneficial ownership information register in place. The three that do not… Read More


Low Levels of Suspicious Transaction Reports

According to statistics quoted by Chartered Accountants Ireland recently, there are over 2,100 entities registered to make reports on the GoAML website of the Garda Síochana. This is one of the two websites where anti-money laundering (AML) reports must be made in Ireland. The other being the Revenue Commissioners www.ros.ie website. However the surprising aspect… Read More


Oops Non-Compliance

In last week’s blog we alerted readers to the first of the two types of anomaly that ‘designated persons’ are obliged to notify to the relevant registration authority: A discrepancy – there is an error on the Beneficial ownership Register; or Non-compliance – the Beneficial Ownership details on the register are blank (we believe this… Read More


Don’t tell me about Discrepancies

In last week’s blog we alerted readers to the two types of anomaly that can occur on the Register of Beneficial Ownership: A discrepancy – there is an error on the Beneficial ownership Register; or Non-compliance – the Beneficial Ownership details on the register are blank (we believe this to be the case for approximately… Read More


Are you the Beneficial Owner?

The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 contains the latest list of new responsibilities on ‘designated persons’ (accountants among others) to corroborate the beneficial ownership details of client entities being taken on. Incidentally, the Law Reform Commission has published the consolidated version of this legislation and its available at this… Read More


Money Laundering Crimes up over 100%

A recent The Irish Times report shows that recorded money laundering crimes more than doubled since the start of Covid-19 compared to the previous year. 524 money-laundering crimes were recorded in 2020, up from 234 in 2019. There were only 83 money laundering offences reported in 2018, and less than 50 a year between 2012… Read More


New AML Manual Published

Readers of our regular blog will be delighted to hear that our new Anti-Money Laundering & Terrorist Financing Policies Controls & Procedures Manual is just published and available here on our website for immediate download. This is the first available 2021 AML Manual for Accountants on the Irish market. The Manual follows the enactment of the… Read More


New AML Law Extends List of Red Flag Transactions

In our last blog, we mentioned the enactment of the latest AML legislation in Ireland which is the ‘Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act, 2021’. In the coming weeks we are going to take a look at the various provisions of the new legislation. Among the provisions of the new Act is… Read More


AML Legislation – The Latest

Are your engagement letters up to date? Probably not! No sooner had we given our letters of engagement on the website a refresh for Spring 2021, than the Government passed into law the latest anti-money laundering legislation. The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 which is number 3 of 2021 was… Read More


Monitoring Inspection Feedback

Recent feedback from professional accountancy body inspections which readers may find useful, has come to our attention. In no particular sequence, this selection of findings applies mainly to small/medium practices: Systems of internal controls – there is only a basic understanding on the file – a more complete understanding (with flow diagrams) could be used… Read More