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ARTICLE · 08 NOVEMBER 2022

AML Update: Central Bank Publishes Details On How Database Of Accounts Will Operate

Arthur Cox
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The Central Bank has launched a webpage with more details on how the central database of bank accounts, payment accounts and safe-deposit boxes will operate.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
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The Central Bank has launched a webpage with more details on how the central database of bank accounts, payment accounts and safe-deposit boxes will operate. Among the documents added to that webpage are Guidelines on Scope and Reporting, FAQs, and technical guidance documents.

The database will be known as ISBAR (the Ireland Safe Deposit Box, Bank and Payment Accounts Register) and credit institutions will be onboarded on a phased basis - the Central Bank will be in touch with credit institutions with a specific onboarding timeline in Q1 2023, and onboarding may begin shortly after that date.

Based on the information published so far by the Central Bank, credit institutions will need to upload initial datasets via the Central Bank's online reporting system (ONR) (one return for bank and payment accounts, and a different return for safe-deposit boxes). These will be used as baseline datasets, with weekly returns to be made thereafter in respect of any changes to

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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