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ARTICLE · 22 JANUARY 2020

New AML/CFT Requirements

Dillon Eustace
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Regulations amending the primary anti-money laundering and countering the financing of terrorism (AML/CFT) legislation in Ireland were published on 25 November 2019.

IrelandGovernment, Public Sector
Keith Waine
Keith Waine
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Regulations amending the primary anti-money laundering and countering the financing of terrorism (AML/CFT) legislation in Ireland were published on 25 November 2019. The European Union (Money Laundering and Terrorist Financing) Regulations 2019 (the Regulations) have been introduced to give further effect in Ireland to the 4th EU Money Laundering Directive.

The Regulations amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the Act) by introducing new requirements applying to firms subject to the Act (designated persons) and to the authorities responsible for AML/CFT supervision and enforcement.

Internal reporting of AML/CFT breaches

The Regulations introduce a new requirement on designated persons to put in place appropriate procedures for their employees, or persons in a comparable position, to report any contravention of the Act internally through a "specific, independent and anonymous channel". This new reporting procedure is

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