Corporate Legislative Update – Ireland – December 2018

New AML Legislation in Force

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 came into force on 26 November 2018 (the "Amendment Act").

Although the scope of Designated Person has not been expanded in the Amendment Act, it does impose a new registration requirement on certain financial institutions that are not already authorised by, licensed to carry on activities by, or registered with, the Central Bank under other legislation.

Furthermore, the Amendment Act obliges Designated Persons to enhance their AML policies and procedures and to make certain operational changes in the areas of risk assessments, due diligence and enforcement. 

For more information on the new obligations arising from the Amendment Act please see our previous client update Ireland Implements 4MLD: Key Changes for Designated Persons.