Annual Report on Money Laundering 2019May 2020The Department of Justice and Equality has published its Annual Report on Money Laundering and Terrorist Financing for 2018.
Member States are required by the Fourth Money Laundering Directive to publish a report on an annual basis providing data on the reporting, investigation and judicial phases of the national AML/CFT regime, including the number of suspicious transaction reports made to the Financial Intelligence Unit and the number of cases investigated, as well as prosecution and conviction rates for ML/TF offences.
The full report is available HERE
The report provides a summary on the CBI’s approach to its supervisory model and the resulting output. In 2018, the Central Bank conducted a total of 72 inspections and issued 259 Risk Evaluation Questionnaires across a variety of institutions. In addition, AMLD conducted 59 AML/CFT Review Meetings with firms in 2018. Throughout 2018, AMLD was also heavily involved in outreach activities such as presentations and seminars.
The frequency and intensity of AML/CFT supervisory engagement for an individual firm is dependent on its ML/TF risk rating. The Minimum Supervisory Engagement model is set out in the table below. For intermediaries, the risk is low and so the inspection cycle is ad hoc:
Regsol previously discussed STR statistics in their blog available HERE
By Judy de Castro - Regulatory Consultant