The Fourth EU Money Laundering Directive ("4MLD") was
finally transposed into Irish law with the enactment on 14 November
2018 of the Criminal Justice (Money Laundering and Terrorist
Financing) (Amendment) Act 2018 (the "Act").
The Act, which was commenced on 26 November 2018, amends the
Criminal Justice (Money Laundering and Terrorist Financing) Act
2010 to incorporate the requirements of 4MLD into the existing
legislative framework. The amendments which are of key relevance to
funds (and their administrators) include the introduction of
requirements around business risk assessments, customer due
diligence and transaction monitoring.
Conducting Business Risk Assessments
The Act requires a designated person ("DP") to conduct
a business risk assessment to identify and assess the risks of
money laundering and terrorist financing ("ML/TF"). This
assessment must be conducted having regard to the European
Supervisory Authorities' Risk Factor Guidelines on
