Tag Archives: anti-money laundering

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… Read More

New Style Cuckooing

Have you checked what companies are registered at your office address, lately? Well, maybe now is a good time! Police sometimes describe the practice by which drug dealers take over someone’s home (often a vulnerable person) as a base for their activities as ‘cuckooing’. It now appears that this phenomenon has ‘come home to roost’… Read More

Proposals to Change the Law for Co-Operatives

There is currently no specific modern legislation dealing with co-operatives in Ireland. The Industrial and Provident Societies (IPS) Acts 1893-2021 come from another century and do not mirror up to date company law principles. Currently there are 960 Industrial and Provident Societies registered, comprised mainly of various agricultural co-operatives, group water schemes and housing co-operatives.… Read More

Jurisdictions with Strategic AML Deficiencies

When you are doing your Client Due Diligence on a new client/customer, did you ever wonder where you could obtain a list of sanctioned or high-risk territories/jurisdictions? Well, a reliable source is near at hand. The Financial Action Task Force (FATF) identifies jurisdictions with weak measures to combat money laundering and counter terrorist financing (AML/CFT)… Read More

Do you know what your kids are up to?

Cybercrime is not without victims and is taken extremely seriously by law enforcement. Teenagers can drift into cyber-crime without realising the seriousness of their actions. In a timely video message from the UK National Crime Agency (NCA), parents are warned about the crimes teenagers can get involved in, especially during COVID-19 confinement. The NCA have… Read More

New Procedures Manual to help with AML

We have just published an update to the AML Policies Controls & Procedures Manual last week, which is available to purchase now on our website. Our latest February 2020 edition includes the following updated items: Pronouncement by the FATF arising from their Public Consultation on FATF Draft Guidance on Digital Identity (discussed at the FATF plenary meeting… Read More

EU proposes new anti-money laundering body in wake of scandals

In a recent Financial Times story, it was reported that the EU is proposing to set up a new anti-money laundering body in the wake of recent money laundering scandals. EU finance ministers are expected to meet in December and propose the setting up of a new independent body to enforce money laundering prevention measures… Read More

UK Companies slow to disclose ultimate ownership details

In spite of efforts to make UK registered companies disclose their ownership through the people with significant control (PSC) register, thousands of companies don’t comply with the rules brought in to counter fraud and money laundering. According to a 2018 Freedom of Information request to Companies House by Fortytwo Data (now Napier), over 57,000 UK… Read More

AML training must be more than mere lip service

In a recent sanction by the Central Bank, attention is being drawn to the fact that anti-money laundering (AML) training needs to be focused, specific and ongoing. In the sanction report, a financial services firm was fined €443,000 in June 2018 for failures that included lack of appropriate AML training. The sanctions report reads: ‘it… Read More

Preparing for the General Data Protection Regulation (GDPR)

A lot of generic information has been written about the GDPR and the fact that it comes into effect across the EU on Friday 25 May 2018. According to the Economist newspaper website ‘GDPR is not a matter of fix it and forget it. The new regulations mandate organisation-wide personal data awareness from data protection… Read More