Central Bank of Ireland: Anti-Money Laundering Bulletin - Supervisory engagements with Funds and Fund Management Companies
November 2021On the 11th November 2021, the Central Bank of Ireland published its latest AML Bulletin. This bulletin focuses on the funds sector and highlights areas of weakness that have become known in supervisory engagements since 2019. Deficiencies were identified in Governance, Business Risk Assessments, Outsourcing and Customer Due Diligence. The Head of the Anti-Money Laundering division, Tommy Hannafin noted “While this bulletin focuses on findings from the Central Bank’s supervisory engagement with the Funds sector the Central Bank expects all firms, irrespective of their sector, to critically assess their Anti-Money Laundering / Countering the Financing of Terrorism & Financial Sanctions (AML/CFT/FS) frameworks against the Central Bank’s expectations.”
Anti-Money Laundering and Terrorist Financing have been in great focus already this year with the transposition of the 5th EU AMLD, additional regulations on Beneficial Ownership, and the updated Central Bank Guidelines.
This latest bulletin once again highlights the focus the CBI places on the subject. For a copy of the bulletin please see attached:
By: Eilish Larkin - Regulatory Consultant