|
WHAT is Money Laundering?
Money laundering means exchanging money or assets that were obtained criminally for money or other assets that are 'clean'. The clean money or assets then don't have an obvious link with any criminal activity. Money laundering also includes money that's used to fund terrorism, however it's obtained.
Money Laundering Regulations are designed to protect the Irish financial system. If your business is covered by the regulations you must put in place certain controls to prevent it being used for money laundering by criminals and terrorists. These include appointing a 'nominated officer', checking the identity of customers and keeping all relevant documents.
Get started with the hosted C6 Anti-Money Laundering service right now!
To register for the C6 database please go to secure.c6-intelligence/cai
WHY you should perform Anti Money Laundering checks?
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ('2010 Act') came into force in July 2010. All businesses that are covered by the regulations have to put in place suitable anti-money laundering controls. Customer due diligence checks are a key part of the anti-money laundering requirements. Customer due diligence means taking steps to identify your customers and understanding the risk they pose. It is advisable that these checks should include reference to a recognised PEP list and relevant Sanctions. For further information from the CCAB-I guidance notes please click here
WHEN should you apply customer due diligence measures?
You must apply customer due diligence measures:
- when you establish a business relationship
- when you carry out an 'occasional transaction' worth 15,000 Euros or more
- when you suspect money laundering or terrorist financing
- when you have doubts about a customer's identification information that you obtained previously
It is advisable to revisit your existing customer base and perform retrospective checks, as not complying with your regulators prescribed procedures carries the risk of disciplinary action or even criminal prosecution.
Get started with the hosted C6 Anti-Money Laundering service right now!
To register for the C6 database please go to secure.c6-intelligence/cai
HOW can I perform customer due diligence checks?
Simply click on the link below and follow the instructions. From here you will be able to search against Global Sanctions, Global Politically Exposed Persons and the UK Local Register. C6 has been exclusively built for Chartered Accountant Ireland Members and offers an uncomplicated, cost effective tool to assist with your basic AML due diligence.
To register for the C6 database please go to secure.c6-intelligence/cai
For organisations that require access to additional data sets such as negative media articles, insolvencies, companies’ house data, or require assistance in setting up ongoing monitoring please click here: CAIenquiries@c6-intelligence.com
Contact Information
For further information please go to secure.c6-intelligence/cai or www.c6-intelligence.com. If you would like to discuss your requirements in detail please email caienquiries@c6-intelligence.com or call +44 (0) 1264 889745.
Terms & Conditions: A basic search will cost £2, however as additional databases are added to the search capacity, this charge can increase/decrease in line with user requirement. The account holder will be required to pre charge their account with a minimum of £20 before they can perform a search. This process must be repeated each time the available credit falls below the cost of the search requested. All monies added to the account are valid for a period of 1 year, after which they will be removed and no refund will be due. This service is exclusively available for members of Chartered Accountants Ireland and as such any users found not to be a current subscribed member to the Institute will have their account suspended immediately.
|