The Government have been promoting the setting up of innovation hubs around the country in recent years with a 2019 report focusing on the numbers of such hubs available in the Greater Dublin area.
With a significant portion of these innovation hubs now located outside of Dublin, there are over 300 split between
- co-working facilities for life sciences, MedTech, and digital industries; and
- research centres including digital innovation hubs.
These are located in major regional areas such as:
- Cork
- Galway, and
- Limerick
One aspect of these hubs that accountants/auditors may need to make note of is that where these hubs operate as ‘company service providers’ they may need to register as TCSPs (Trust or Company Service Providers) with the Department of Justice AML Unit.
Among other things, the definition of a TCSP includes ‘providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership.’ This will often include the renting of office/desk space and/or meeting rooms.
The latest (1 October 2025) version of the TCSP register is accessible on the AML Compliance Unit’s website here .
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:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
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.
