Central Bank publishes report on Anti-Money Laundering

Feb 18, 2015

The Central Bank of Ireland has just published a report of its observations in relation to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Sanctions (FS) compliance by banks in Ireland.  Some of the issues identified include:

 

    • Incomplete risk assessments that do not effectively consider the inherent Money Laundering/Terrorist Financing risks relevant to the bank
    • Risk assessments undertaken are very high level and lack thorough analysis of key risks
    • Failure to include AML/CFT reviews in annual monitoring and internal audit plans

The full press release and a link to the report can be found here.