AML/CTF Legislation: S.I. No. 578/2019 - European Union (Money Laundering and Terrorist Financing) Regulations 2019December 2019
We could not say goodbye to 2019 without saying something about AML/CTF regulations and so we will provide you with an update on the AML/CTF regime. On the 22nd of November 2019, the Minister for Justice and Equality for the purposes of giving further effect to the 4th EU AML Directive published SI 578/2019 amending the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The following changes are notable:
- A designated person must have proportionate procedures in place to allow their employees or persons in a comparable position to report a contravention of the Act internally through an independent and anonymous channel
- An obligation of any person performing a management function in or being a beneficial owner of a designated person who is convicted to inform the Central Bank within 30 days on which the person was convicted of a relevant offence
- An obligation on Member State competent authorities to cooperate and coordinate activities to counter money laundering and terrorist financing
For entities subject to the AML/CTF regime, this will mean updating policies, procedures and implementing new reporting channels.
Click HERE to access the SI.
If you’d like assistance with getting to grips with AML/CTF, please contact a RegSol consultant today.
By Judy de Castro - Regulatory Consultant