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DUBLIN CORK BOSTON NEW YORK TOKYO. Understanding the New Anti-Money Laundering Requirements in Ireland. www.dilloneustace.ie. Implementation of the 3rd Anti Money Laundering Directive Key changes arising from new proposed legislation Changes in the Financial Regulator’s role

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understanding the new aml requirements in ireland

Implementation of the 3rd Anti Money Laundering Directive

  • Key changes arising from new proposed legislation
  • Changes in the Financial Regulator’s role
  • Status of the Guidance Notes
  • Reporting requirements/New offences
  • Practical steps to consider
  • Q & A

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland4

Implementation of the 3rd Anti Money Laundering Directive 2005/60/EC

    • Heads of Bill Published 2008
    • Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009
    • Published July 2009
    • Second stage debated before Dail Eireann October 2009
    • Final passage of the Bill through Dail Eireann February 2010
    • Expected to enacted by mid March 2010.
    • When enacted various sections of Criminal Justice Act 1994 will be
    • repealed.

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland5

Key changes arising from new proposed legislation

    • Introduction of Risk Based Approach
    • Customer Due Diligence
    • Reliance on Third Parties
    • Training and Procedures
    • Record Keeping
    • Authorisation of Trust or Company Service Providers

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland6

Key changes arising from new proposed legislation

  • Introduction of Risk Based Approach
    • 3rd AML Directive – may determine the extent of the Customer Due Diligence measures on a risk sensitive basis depending on type of customer, business relationship, product or transaction.
    • Bill – shall obtain information reasonably warranted by the risk of money laundering or terrorist financing on the purpose and intended nature of a business relationship with a customer prior to the establishment of the relationship.

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland7

Key changes arising from new proposed legislation

  • Introduction of Risk Based Approach
    • Identify Money Laundering and Terrorist Financial Risks by looking at:
      • Customers
      • Products
      • Channels
      • Geographic Location
    • Categorise Risk
      • High
      • Medium
      • Low
    • Risk Categorisation determines level of Customer Due Diligence required.

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland8

Understanding the New AML Requirements in Ireland

  • Key changes arising from new proposed legislation
    • Customer Due Diligence (CDD)
      • When does it apply?
      • 3 levels of CDD
      • Requirement to identify Beneficial Owner

www.dilloneustace.ie

understanding the new aml requirements in ireland9

Key changes arising from new proposed legislation

  • CDD – When does it apply?
      • prior to establishing a business relationship;
      • prior to carrying out occasional transactions which individually or as a series amount to €15,000 or more;
      • prior to carrying out a service where there are reasonable grounds to believe there is a real risk of money laundering or terrorist financing;
      • prior to carrying out a service where there are reasonable grounds to doubt the veracity or adequacy of existing customer identification information.

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

understanding the new aml requirements in ireland10

Practical steps to consider:

    • Gap analysis;
    • Client Risk Assessment – Risk based procedures;
    • Updating policies and procedures;
    • Training – including refresher training on a regular basis.

Understanding the New AML Requirements in Ireland

www.dilloneustace.ie

follow up

To view additional slides and for more information on this topic please contact:–

  • paula.kelleher@dilloneustace.ie
  • breeda.cunningham@dilloneustace.ie

Follow Up

www.dilloneustace.ie

contact

33 Sir John Rogerson’s Quay, Dublin 2, Ireland

Telephone +353 1 66 700 22  

Fax +353 1 66 700 42

paula.kelleher@dilloneustace.ie

breeda.cunningham@dilloneustace.ie

E-Mail: enquiries@dilloneustace.ie 

Website: www.dilloneustace.ie

Dublin Cork Boston New York Tokyo

Contact

www.dilloneustace.ie