Anti-Money Laundering
Welcome to the Anti-Money Laundering (AML) pages. Here you will find useful information on everything AML in Ireland and the UK to help you comply with your obligations.
What is money laundering?
It is the process by which the ownership and control of the proceeds of criminal activities are disguised (or laundered) so that these appear to have come from a legitimate source. ‘Proceeds’ does not just mean cash. It may also include property or investments. Ultimately, the process makes dirty money appear legitimate or ‘clean’.
There are three key elements of money laundering:
“Placing” is the introduction of the illegal cash to the financial system.
“Layering” is camouflaging the illegal funds through many transactions. It is the launderer distancing themselves from the source.
“Integration” is when the disguised funds are moved into the legitimate economy and used by the criminal.
What is anti-money laundering (“AML”)?
AML is a set of controls imposed on certain entities , "designated" persons in Ireland or "relevant" persons in the UK, that might be targeted by money launderers. They are required to have measures in place to prevent money laundering and to report suspicious transactions.
In respect of chartered accountants, it comprises a set of legislative and regulatory duties, which prescribe the conduct of the profession in the provision of services to prevent the misuse of these services for money laundering.
Glossary of AML terms and acronyms
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Acronym
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Terms
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CTF
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Counter Terrorist Financing
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DNFBP
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Designated Non Financial Businesses and Professions
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FIU
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Financial Intelligence Unit
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GNECB
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Garda National Economic Crime Bureau
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ICT
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Information and Communication Technologies
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JIG
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Joint Intelligence group
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MLRO
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Money Laundering Reporting Officer
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OPBAS
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Office for Professional Body Anti Money Laundering Supervision
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PSCF
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Private Sector Consultative Forum :an information-sharing framework for private-sector stakeholders and designated persons to regularly engage with public agencies on all AML/CFT issues
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Latest News
Items of news on anti-money laundering frequently appear in the Institute's technical hub and on our weekly eNews on the 'Round up' pages which the reader should check from time to time.
These pages are provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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