2020 AML Bill Update: Key Committee Stage AmendmentsDecember 2020
The much awaited and late Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020 (“the Bill”) has completed the third stage in Dail Eireann, and it is our anticipation that a commencement order enacting the legislation will be signed in the New Year. RegSol previously discussed the Bill in October (available HERE
To help you navigate some of the nuances of committee stage amendments, we have prepared a summary on virtual asset service providers and express trusts:Virtual asset service providers:
Beneficial Ownership -Express Trusts:
- Under the Amended Bill, obligations will be imposed on a wider range of virtual asset service providers (“VASPs”) than those previously identified. For example, a change in terminology from ‘virtual currency’ to ‘virtual assets’ extends to VASPS that exchange, transfer and provide custody between assets and currencies. It also extends to those that participate in, and provide, financial services related to an issuer’s offer or sale of a virtual asset or both.
- The holder of a VASP registration shall include a statement on relevant material that it is registered and supervised by the Bank for anti-money laundering and countering the financing of terrorism purposes only.
- FATF recommends that five categories of VASP be supervised rather than the two specified in the fifth AML directive. Measures include for example fitness and probity requirements for senior management and beneficial owners.
Occupation pension schemes, employee share schemes and the Haemophilia HIV Trust have been excluded from the requirement to register. A specific definition of "beneficial owner" for amateur sports bodies and unincorporated charities has been included so that only the trustees, committee, governing body or individuals in control of the trust will have to register rather than every member of a club or every individual who donates to or is assisted by a charity.
By Judy de Castro