Revised AML Supervision Regulations, TCSPs and bookkeepers, Ireland – effective 1 January 2024

The Institute has issued revised Anti-Money Laundering (AML) Supervision Regulations, trust and company service providers (TCSPs) and bookkeepers, Ireland (AML Supervision Regulations) replacing and renaming the Money Laundering Supervision Regulations.  The revised AML Supervision Regulations are effective from 1 January 2024.

To whom do the AML Supervision Regulations apply?

The AML Supervision Regulations provide for the Institute’s AML supervision of entities which are within the Institute’s statutory remit as an AML supervisor in Ireland, but which are not subject to the Institute’s Public Practice Regulations.  In general terms, these entities are TCSPs and/or bookkeepers which count Institute members amongst the principals of the entity. 

Whether a particular TCSP or bookkeeper is within the Institute’s AML supervisory remit or that of another competent authority is determined, in accordance with AML legislation and agreements between the competent authorities, with reference to the composition of the principals at the specific TCSP or bookkeeper entity.  The AML Supervision Regulations provide further information in this regard.

What changes do the revised AML Supervision Regulations bring for Institute registered TCSPs and bookkeepers?

Revisions to the AML Supervision Regulations include:

• A revised introduction and new guidance at Appendix 1 to enhance clarity as regards scope of the AML Supervision Regulations;
• New requirement for a registered TCSP and/or bookkeeper to ensure that every principal is either a member of the Institute or has been granted AML affiliate status by 1 January 2025.During 2024 the Institute will engage with the Money Laundering Compliance Principals at registered TCSPs and bookkeepers to facilitate compliance with this requirement;
• New requirement for a registered TCSP and/or bookkeeper to make a declaration, on behalf of the entity, acknowledging the entity’s obligations under Institute Bye-Laws and Regulations and AML legislation.
• A mechanism to ensure that the Institute can remove a persistently non-compliant entity from its supervisory remit.Where the Institute cannot continue to be responsible for AML supervision of a TCSP or bookkeeper by virtue of a decision of an Institute regulatory Committee or Disciplinary Body to de-register (or refuse registration to) the entity, it is not appropriate for a member of the Institute to remain as a principal at that entity.The revised AML Supervision Regulations provide that an Institute member ceases to be an Institute member where he/she continues to act as a principal at a registrable TCSP and/or bookkeeper within 90 days of that entity being refused registration or de-registered by a regulatory Committee or a Disciplinary Body of the Institute.

Guidance:

Revised AML Supervision Regulations Guidance is available on the Institute’s website.

Previous editions:

The revised AML Supervision Regulations replace the previous edition of the Money Laundering Supervision Regulations which remain available to read in the Institute’s online archive of Regulations.