by John McCarthy Consulting Ltd. | Apr 18, 2025 | Blog, News
This is the first in a series of three blogs looking at the new AML legislation expected across Europe by 2027.
As reported in Accountancy Europe the new EU Anti-Money Laundering Regulation (AMLR) is a major milestone in the fight against money laundering (ML) and terrorist financing (TF).
The AMLR will substantially impact accountants’, auditors’ and tax advisors’ – and all other so-called obliged entities – daily operations and compliance obligations in the areas of customer due diligence, beneficial ownership transparency, compliance with targeted financial sanctions, suspicious activity reporting, and record retention.
Impact and scope
The AMLR marks a shift from directives (which gave member states choices in implementation methods) to direct application, meaning consistent enforcement across the EU. It affects a broad range of ‘obliged entities’ in financial and non-financial sectors including accountants, auditors, and tax advisors.
The legislation came into effect on 9 July 2024 and will apply from 10 July 2027. This gives professionals time to review and update their existing policies and practices to meet the new requirements. Given the AML rules’ volume and extent of detail, early preparation is crucial for practitioners to assess and plan for the changes ahead.
Accountancy Europe has produced a factsheet that summarises the key provisions of the AMLR and highlights their implications for accountants, auditors, and tax advisors.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
by John McCarthy Consulting Ltd. | Apr 18, 2025 | Blog, News
In case you haven’t already heard designated persons (that includes accountants in practice) have a new regulator called the ‘Authority for Anti-Money Laundering and Countering the Financing of Terrorism’. Originally created in June 2024, the Board held its first meeting in March 2025 and the chair is Bruna Szego.
The aim of this new authority is to coordinate national AML authorities around Europe to ensure the correct and consistent application of AML rules in each jurisdiction.
AMLA will also supervise supervisory bodies in Europe including the Institute and enhance cooperation among police financial intelligence units (FIUs).
Ms Szego will be at the RDS in Dublin in May to give the Keynote Address at the European Anti-Financial Crime Summit 2025.
It’s expected that AMLA will be fully operational by 1 January 2028 with a staff complement of 430.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
by John McCarthy Consulting Ltd. | Apr 3, 2025 | Blog, News
If you have corporate clients in the UK, you may wish to register with Companies House as an Authorised Corporate Service Provider (ACSP). This is a new requirement driven by the rise in money laundering and fraud using corporate structures. ACSPs are also known as Companies House Authorised Agents.
The ACSP initiative is being rolled out in stages. Stage 1 commenced on 8 April 2025, when the service allowed authorised agents, such as accountants, to verify clients’ identities for Companies House purposes. Records of the identity checks need to be retained by the agents for 7 years.
File as an Authorised Agent
The next stage will commence in Spring 2026, when authorised agents will be able to file on behalf of clients.
An authorised agent can be a business (for example, a limited company or partnership), or a person who files on behalf of others (a sole trader).
To register, agents must be supervised by a UK Anti-Money Laundering (AML) supervisory body such as Chartered Accountants Ireland. In the future, all businesses that file information on behalf of clients will need to register as an ACSP.
For more information and to start the registration process follow this link.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
by John McCarthy Consulting Ltd. | Apr 3, 2025 | Blog, News
The Central Bank published some new data in a report about fraudulent payments in January this year which did not get the full attention it deserves. The data on payment fraud reveals that Irish fraud rates are below the EU averages except for card payments. Most fraudulent payments are sent to fraudsters’ accounts located outside Ireland with fraudulent credit transfers being the most popular method.
Fraudsters continually adopt new ways to exploit digital systems and bypass security measures, costing businesses and individuals millions of euros every year. Common methods include phishing, where fake emails or text messages trick people into revealing personal information, psychological manipulation of the payer to send money via social networks or impersonating as a trusted party, making unauthorised payments using lost or stolen cards.
The report shows that fraudulent payments on the rise but fraud rates remains low. The rate of fraud in Ireland as a share of all transactions is low. By value, the rate is 0.001%, and by volume, the rate is 0.01%, with the latter being equivalent to 1 in 10,000 payment transactions impacted by fraud.
The total value of fraudulent payments rose by 26% in 2023, increasing to €126 million from €100 million in 2022. Credit transfers and card payments accounted for the majority of all fraud.
As per the published data on payment statistics, credit transfers are the largest in terms of value and often used for large value payments compared with other payment methods in Ireland. This also applies to fraudulent payments.
Approximately 60% of the value of fraud, amounting to €70 million in 2023, was made through credit transfer.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
by John McCarthy Consulting Ltd. | Mar 19, 2025 | Blog, News
For anti-money laundering purposes, the Central Bank has, since 2023, operated a Register Of Bank Accounts and Safety Deposit Boxes called the Ireland Safe Deposit Box Bank and Payment Accounts Register, otherwise known as ISBAR.
The register identifies the holders and beneficial owners of:
- bank and payment accounts and
- safe-deposit boxes in Ireland.
for the purpose of establishing links between suspicious transactions and underlying criminal activity.
The register, operated by the Central Bank of Ireland, assists competent authorities seeking to prevent and combat Money Laundering (ML) and Terrorist Financing (TF). The register ensures that flows of money can be properly traced to individuals, entities and illicit networks at an early stage.
Information Contained on the Register
For the purpose of bank or payment accounts the following information is maintained on the register:
IBAN, Account name, Date of account opening, Date of account closure, beneficial owners, forename, surname, date of birth and address of natural owners and if not a natural person, the name and registered address.
For the purposes of safe deposit boxes, the following information is maintained on the register:
- Lessee (natural person) – Forename and surname of the lessee, date of birth of the lessee, address of the lessee and lease period
- Lessee (not a natural person) – Name of the lessee, registered address of the lessee and lease period.
For tailored training sessions explaining more about the ISAs, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
