New AML Guidance from the CCAB-I

New AML Guidance from the CCAB-I

On Friday 4 March 2022 the Consultative Committee of Accountancy Bodies in Ireland (CCAB-I) issued updated guidance applicable to accountants in practice for immediate use.

The Guidance is a widely respected and hugely valuable document among accountants as it sets out the minimum criteria that must be adhered to in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 (‘the Act’) in the Republic of Ireland.

Key changes in the legislation are reflected in additional guidance in areas such as:

  • Greater emphasis on identification of beneficial owners of businesses;
  • Expanding the definition of tax adviser, letting agent and intermediaries at art auctions;
  • The definition of a Politically Exposed Person (PEP) to include any individual performing a prescribed function;
  • There is a specific list of enhanced due diligence measures that the designated person is required to apply when dealing with a customer established, or residing, in a High-risk third country;
  • The new requirement in place since 23 April 2021 that prior to commencing a business relationship is established, reasonable steps must be taken to verify the beneficial ownership of corporate clients including confirming the beneficial ownership with the relevant Central Register. Where a Designated person identifies a ‘discrepancy’ (as defined) in the Act, i.e. where the entry is inconsistent or incorrect between its own records and those maintained by the Central Register, it must notify the relevant Registrar.
  • There is a similar requirement to notify the relevant Registrar where there is evidence of ‘non-compliance’ (as defined) in the Act, i.e. where the register is blank, it must notify the relevant Registrar.

A copy of the guidance may be accessed here.

Specially tailored up to date AML Training that meets the requirements of the legislation is available on request, on Zoom, in person or as a hybrid event, with a free video recording supplied afterwards, for future viewing. Contact for further details.

To ensure your letters of engagement and similar templates are up to date visit our site here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items if bought together.

For our latest Audit Quality Control Manual (October 2021) (implementing the latest Irish Audit & Accounting Supervisory Authority standards including ISQC1 on audit quality control) click here. View the Table of Contents here.

We also have an up to date Anti-Money Laundering Procedures Manual (September 2021) – View the Table of Contents click here.