European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022February 2022
Regulations to establish a central database of information on safe-deposit boxes and payment accounts have been published. The Regulations permit the Central Bank of Ireland (the CBI) to create and maintain a central register of information on safe-deposit boxes and bank and payment accounts, as required under the Anti-Money Laundering Directives.
The 4th EU AMLD required Member States to put in place "centralised automated mechanisms” that would allow the holders of payment accounts or safe-deposit boxes to be identified.
The Regulations apply to credit institutions, including branches, which are established in the State (whether their head office is situated within the EU or in a third country).
The Regulations detail what information a credit institution may have to provide for example name, address and the different requirements depending on whether the account or safe deposit box holder is a natural or legal person.
For a copy of the regulations see link below:
By Eilish Larkin - Regulatory Consultant