AML & CFT – Central Bank of Ireland published updated guidelinesJune 2021
Anti-Money Laundering (AML) & Countering the Financing of Terrorism (CFT) - the area is ever evolving and currently very topical.
On 23rd of June the Central Bank of Ireland (CBI) published their updated guidelines for the financial sector. This 84-page document was produced to assist firms in understanding their AML/CFT obligations. It also sets out the CBI expectations for the factors that firms should take into account as they identify, assess, and manage risks. The guidelines were updated to reflect the transposition of the 5th EU AML Directive into Irish law. We have looked at the key changes previously, see link:
5AMLD Key Changes Updated Guidelines June 2021
An online search provided results which indicate the number of investigations for money laundering offences are increasing – we found information on at least one case per month over the past 3 months:
02.06.2021 A man was arrested over directing a criminal gang involved in money laundering
17.05.2021 a former Kinahan cartel member received a suspended sentence over laundering crime cash
18.04.2021 A man was arrested by Gardai as part of an investigation into fraud and money laundering https://www.thejournal.ie/money-laundering/news/
With the new guidelines which factor in the changes brought about by the EU AML Directive and the increased potential for criminal activity created by the Covid 19 pandemic, it is vital that all designated persons are aware of their obligations and have updated their policies and procedures.
By Eilish Larkin - Regulatory Consultant