Important obligations under money laundering rules


The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 places some important obligations on accountants to carry out AML procedures, among them the following:

  1. The obligation to identify and take risk-based and adequate measures to verify, where applicable, the Directors and beneficial owners of client entities;
  2. The application of the Client Due Diligence (CDD) on a risk-based approach to provide for a proportionate allocation of resources in the fight against money laundering and the financing of terrorism;
  3. In line with the risk-based approach, the legislation sets out when standard (Normal Due Diligence – NDD), enhanced (Enhanced Due Diligence – EDD) and simplified client due diligence (Simplified Due Diligence – SDD) procedures should be applied to specified client types;
  4. Designated persons are permitted to rely on third parties to meet the CDD requirements. The obligation for ongoing monitoring of compliance with the full CDD obligation still resides with the designated person;
  5. Designated persons covered by the Legislation are obliged to promptly report suspicions of money laundering or terrorist financing simultaneously to the Gardaí and Revenue Commissioners;

It is essential that the correct procedures are followed when applying these rules. More on this is available in our new fully updated AML Policies & Procedures Manual, which is available here.

It is fully updated for the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 which came into force on 26 November 2018. It retails at €150+VAT.

See also our on-demand webinars on AML, accessible at any time.

Other webinar topics include Investment Property Accounting, FRS 105, Common Errors in FRS 102 Accounting and the latest on FRS 105 and company law, visit our online webinar training website. Once viewing is completed, customers will receive a CPD Certificate confirming their learning.