Are You Ready For The ISQM?

There are several new acronyms for auditors in Ireland to grapple with before Christmas. From 15 December 2022 the International Standard on Quality Management (ISQM) 1, issued by the Irish Audit & Accounting Supervisory Authority, comes into force. The ISQM TOOLKIT is available here to purchase now for immediate download. It is and deals with… Read More

The Latest CRO Annual Report

The 2021 Annual Report of the Companies Registration Office (CRO) was published at the end of July 2022. Here we summarise some of the more interesting statistics contained in the report. In the three statistics that we focus on here, 2017 was the record year out of the last five years for notices filed with… Read More

Do you have clients with property in the UK?

Do you have clients with property interests in the UK, or who are about to acquire or recently sold property there? If you do, then you and your clients will need to know much more about a new piece of UK legislation designed to tackle money laundering. With effect from 1 August 2022 any overseas… Read More

PPSN for Company Incorporation and Filing Certain Documents

The Companies (Corporate Enforcement Authority) Act 2021 was commenced on 6 July 2022, apart from Section 35. One of the principal aims of the act was to allow for the set up of the Corporate Enforcement Authority that replaces the Office of the Director of Corporate Enforcement (ODCE). Section 35 of the Companies (Corporate Enforcement… Read More

Trust and Company Service Providers

According to the Financial Action Task Force (FATF) the definition of a Trust and Company Service Providers (TCSP) is a business, that provides any of the following services to third parties: Acting as a formation agent of legal persons Acting as (or arranging for another person to act as) a director or secretary of a… Read More

High Value Goods Dealers

High Value Goods Dealers (HVGDs) are businesses involved in the sale of goods of high value where the trader accepts cash payments of €10,000 (the current ‘high value’ threshold) either in one transaction or a series of linked transactions. Examples of these businesses include jewellers, antique dealers, boat and car sales and dealers in precious… Read More

Illegal Waste Disposal

Question from a firm – During the audit of a waste disposal company it has been drawn to my attention by the Audit Senior that the company has not renewed its waste disposal licence which is not a material amount. Is this something that we need to act upon? Answer – ‘Money laundering’ is defined… Read More

Do We Report Client with Undisclosed Overseas Bank Account?

Question from a firm – I am the MLRO in our firm. I am not sure whether I must or cannot report a situation I have been made aware of. Our client came to Ireland some years ago and for a few months she was unemployed but lived in a hotel. Our Tax Manager asked… Read More

Repeating Money Laundering Checks

Question from a firm – When a client moves address, do you need to redo the Money Laundering (ML) verification checks? Answer – You should obviously update your records and then consider, on a risk sensitive basis, what (if any) evidence you need to support the change (e.g. obtain copy of a utility bill for… Read More

Must AML Training include a Quiz?

Question from a firm – As a follow up to last week’s question about the temporary staff and contractors, that work for us perhaps only for a few weeks or a month or so. We ask them to read our in-house AML Policies Controls & Procedures Manual and view the training webinar including the quiz.… Read More