Category Archives: News

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


Who Needs Anti Money Laundering Training

Question from a firm – From time to time we have temporary staff and contractors, 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 AML training webinar including the quiz. Are we being over-zealous by insisting on… Read More



Filing Exemption Disappears for Certain Unlimited Companies

A significant legislative change made five years ago will only impact affected companies this year. The amendment made by the Companies (Accounting) Act 2017 amended section 1274 dealing with unlimited companies (known as a ULCs). ‘Designated ULCs’ lose accounts filing exemption Among other changes, certain types of ULC (known as ‘designated ULCs’) are required to… Read More


Auditing Implications of the War in Ukraine – Part 3

In last week’s blog we looked at some of the key implications that may impact on the work of auditors. In the previous week’s blog we looked at the implications in circumstances where audit clients are not directly impacted. This week we conclude with some final matters for auditors to consider. Going concern Management of… Read More


Auditing Implications of the War in Ukraine – Part 2

The war in Ukraine is an evolving human tragedy. In last week’s blog we looked at some of the key implications that may impact on the work of auditors, even if one’s clients have no immediate connections with Ukraine/Russia. This week we continue with a quick reminder of some pertinent topics for auditors to consider.… Read More


Auditing Implications of the War in Ukraine – Part 1

Auditors in Ireland would be forgiven for thinking that, apart from rising fuel costs, the war in Ukraine is far away and has few audit implications. This blog is attempting to highlight the requirement in recent changes to the audit standards for auditors to ‘stand back’, frequently mentioned by the Financial Reporting Council in recent… Read More


Offshore Bank Accounts

Here we look at a potential money laundering scenario that can arise in practice. You have been filing income tax returns for your client for many years. Just last week your client has volunteered a confession that she has been keeping money offshore in a Panamanian bank account, the existence of which has never been… Read More