Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020 |
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To be cited as Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-2020 |
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Section # |
Subject Area |
Amendment |
33 |
Beneficial Ownership |
Verify identity of Senior Managing Official |
35 |
Beneficial Ownership |
Prior to establishment of a business relationship with a customer to which the EU (Beneficial Ownership) Regs apply, a designated person shall ascertain that information concerning the BO of that customer is contained the Central Register (RBO for example) |
36A |
Transaction Monitoring |
In accordance with policies
and procedures adopted in accordance with section 54, examine the background
and purpose of all transactions that are:
|
37 |
Politically Exposed Persons (PEPs) |
Apply measures to a PEP for as long as is reasonably required, taking into account the risk posed by that person and until such time as that person is deemed to pose no risk. Minister of Finance to issue list of functions held by PEPs |
38 |
High Risk Third Country |
More defined measures to
mitigate risk of a customer established in a high risk third country by
obtaining additional information on the customer and beneficial owner: |
42 |
Suspicious Transaction Reports |
FIU Ireland to provide follow up reports to designated persons |
51 |
Tipping off |
Protection regarding disclosures between credit/financial institutions, majority owned subsidiaries AND those in 3rd countries in compliance with Group wide policies |
60 |
Competent Authorities |
Central Bank of Ireland competent authority for custodian wallet providers |
Schedule 4 |
Higher Risk Factors |
-Customer Third Country
national applying for residence rights in state in exchange for purchase of
property or investment |