Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020

To be cited as Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-2020

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:
- complex        
- unusually large    
- unusual pattern  
- do not have a lawful or apparent purpose

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:
- on intended nature of business relationship
- source of funds and wealth on customer AND beneficial owner
- information on reasons for intended transactions
- approval of senior management
- enhanced monitoring of the business relationship by increasing number of timing and controls and selection of patterns of transactions that need further examination

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
- non face to face business without relevant safeguards such as electronic identification means
- transactions related to oil, arms, precious metals, tobacco products, cultural artefacts, items of cultural or religious importance, ivory and protected species.