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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

Acronym

Terms

CTF

Counter Terrorist Financing

DNFBP

Designated Non Financial Businesses and Professions

FIU

Financial Intelligence Unit

GNECB

Garda National Economic Crime Bureau

ICT

Information and Communication Technologies

JIG

Joint Intelligence group

MLRO

Money Laundering Reporting Officer

OPBAS

Office for Professional Body Anti Money Laundering Supervision

PSCF

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

 Latest News

Items of news on anti-money laundering frequently appear in the Institute's technical hub and  on our 'Round up' pages in e News which the reader should check from time to time. Click here for our anti- money laundering news subpage which also contains the latest updates.

These pages are provided as resources and information only and nothing in these pages purports to provide professional or legal 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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