The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires, among other things that:

  1. Each firm to appoint a person responsible for reporting to the authorities, known in the legislation as, the ‘designated person’ or otherwise better known as the ‘Money Laundering Reporting Officer’ (MLRO), a term not mentioned in the law;
  2. Each firm to have written AML Policies Controls & Procedures (PCP’s) that are updated regularly in line with changes in legislation, professional accountancy guidelines, persuasive guidance from external regulatory agencies like the Department of Justice and Finance and the Central Bank and the firm’s own unique experience in reporting AML incidents;
  3. Designated persons apply Customer Due Diligence (CDD) procedures to their clients in specific circumstances, which not only require the initial verification of client identity but also requires the ongoing monitoring of the business relationship with clients for suspicions of money laundering and terrorist financing;

Our new fully updated AML Policies & Procedures Manual fully deals with these requirements and is now available here.

It is fully updated for the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 which came into force on 26 November 2018. It retails at €150+VAT.

See also our on-demand webinars on AML, accessible at any time.

Other webinar topics include Investment Property Accounting, FRS 105, Common Errors in FRS 102 Accounting and the latest on FRS 105 and company law, visit our online webinar training website. Once viewing is completed, customers will receive a CPD Certificate confirming their learning.