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ARTICLE · 16 SEPTEMBER 2014

AML Themed Inspections

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

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The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 came into effect on 15 July 2010 and was amended by the Criminal Justice Act 2013.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "2010 Act") came into effect on 15 July 2010 and was amended by the Criminal Justice Act 2013 (the "2013 Act") (together the "Acts"). The Acts transpose the Third Money Laundering Directive (2005/60/EC) and it's Implementing Directive (2006/70/EC) into Irish Law. Designated persons under the Acts, including all credit and financial institutions (as defined in the Acts) are required to comply with their obligations under the Acts.

On 25 February 2014, the Central Bank of Ireland (the "Central Bank") published its planned series of Themed Reviews and Inspections for 2014, as well as its 2014 Enforcement Priorities. It is clear from these publications that a key focus of the Central Bank is the area of anti-money laundering and counter terrorist financing ("AML/CTF") and the controls which designated persons are required to put in place to mitigate against the risk of AML/CTF. It is also

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