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ARTICLE · 07 JANUARY 2021

CBI Issues AML Letter To Schedule 2 Firms

Dillon Eustace
Dillon Eustace
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On 16 December, 2020, the Central Bank of Ireland (CBI) issued a "Dear CEO" letter to Schedule 2 Firms concerning its findings as regards the compliance of such firms with Anti-Money Laundering...

IrelandGovernment, Public Sector
Karen Jennings
Karen Jennings
Keith Waine
Keith Waine
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On 16 December, 2020, the Central Bank of Ireland (CBI) issued a  “Dear CEO” letter to Schedule 2 Firms concerning its findings as regards the compliance of such firms with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) obligations.

The CBI has indicated that the letter serves two purposes; firstly, it provides an overview of findings identified by the CBI in the course of supervisory engagements with registered Schedule 2 Firms since January 2020, and secondly, it sets out the expectations of the CBI in relation to Schedule 2 Firms.

Schedule 2 Firms comprise unregulated firms which carry out certain financial services activities from an Irish base (e.g. corporate lending, financial leasing and other activities specified in Schedule 2 of the Criminal Justice Act 2010). Such firms have been required to be registered with the CBI for AML/CFT purposes since 2018.

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