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ARTICLE · 06 JANUARY 2021

AML Frameworks Of Schedule 2 Firms Under CBI Scrutiny

Maples Group
Maples Group
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Maples Group

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On 16 December 2020, the Central Bank of Ireland (the "CBI") issued a Dear CEO Letter to Schedule 2 Firms as described below (the "Dear CEO Letter") highlighting concerns with low levels...

IrelandGovernment, Public Sector
Stephen Carty
Stephen Carty
Stephen McLoughlin
Stephen McLoughlin
Callaghan Kennedy
Callaghan Kennedy
Donna Ager
Donna Ager
Mary O'Neill
Mary O'Neill
Stephen O'Donnell
Stephen O'Donnell
Sean O'Sullivan
Sean O'Sullivan
Julian Dunphy
Julian Dunphy
Jarlath Canning
Jarlath Canning
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Introduction

On 16 December 2020, the Central Bank of Ireland (the "CBI") issued a Dear CEO Letter to Schedule 2 Firms as described below (the "Dear CEO Letter") highlighting concerns with low levels of compliance with anti-money laundering and counter financing of terrorism ("AML/CFT") obligations. 

The Dear CEO Letter provides greater clarity and guidance to Schedule 2 Firms on their AML/CFT obligations. 

The publication of this Letter and the greater regulatory focus in this area is likely to enhance awareness of the requirements that apply and the measures many firms will need to take to meet the CBI's standards.

Schedule 2 Firms

The term "Schedule 2 Firm" refers to an entity which carries on business in Ireland involving one or more of the services/activities prescribed in Schedule 2 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended (the "CJA"). This includes activities such as lending or financial leasing.

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