• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
      • Exams
        CAP1 exam
        E-assessment information
        CAP2 exam
        FAE exam
        Access support/reasonable accommodation
        Extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Committee reports & sample papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Admission to Membership Ceremonies
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        About our course
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Newly admitted members
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Recruitment service
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector news
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Technical Hub

☰
  • Home
  • Audit and assurance
  • Financial reporting
  • Anti-money laundering
  • Other resources
  • Legislation
  • Protected disclosures
  • Home/
  • Knowledge centre/
  • Technical Hub/
  • Anti-money laundering /
  • Legislation
☰
  • Anti-money laundering
  • Supervision
    • Ireland
    • United Kingdom
  • Legislation
  • Reporting requirements
  • Useful resources
  • Cybercrime & fraud
  • Institute courses and toolkits
  • Red flags - know the signs
  • Legislation link
  • AML news

Relevant Legislation- Ireland and United Kingdom

Ireland

The primary piece of legislation in Ireland on anti-money laundering  and countering the financing of terrorism  is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (referred to as the "CJA 2010"). This was amended by legislation in 2013, 2018 and 2021 and also by statutory instruments.
Anti-money laundering - this link contains the most relevant Irish legislation in respect of anti-money laundering. Follow the links to these Acts, Regulations and Statutory Instruments (SIs), together with links to other legislation. Useful articles and commentaries on the legislation, resources and other information can be found on the other AML pages.

The provisions of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 ("2021 Act") were commenced in April 2021.Ireland  implemented most of AMLD 5 with the 2021 Act and Beneficial Ownership of Trust Regulations.

A commencement order  enacted all the provisions of the 2021 Act. Further, a second order  enacted provisions for disclosure of beneficial ownership of trusts and a central register for beneficial ownership of trusts.

The purpose of the  legislation is to give further effect to domestic obligations under the Fifth Anti Money Laundering Directive. The aim of the directive is to respond to evolving trends in terrorism financing and beneficial ownership transparency. The legislation also provides for related matters.

Below is a summary of some of the main provisions of the legislation which we believe will interest members:

  • The Act expands the definition of tax advisor who is a designated person under existing legislation to include any other person whose principal business or professional activity is to provide, directly or by means of other persons to which that other person is related, material aid, assistance, or advice on tax matters.
  • The Act also includes new ‘designated persons’ who will be required to apply specific criteria relating to anti money laundering in the course of their business. These include certain letting agents, virtual currency service providers and high-value art dealers.
  • The Beneficial Ownership of Trust Regulations 2021 reflect the “Beneficial owner” definition in the Act in relation to “relevant trusts” which is defined in the Act. They bring into force a regime similar to the existing regimes brought into force in recent years for beneficial ownership of corporate entities and for certain financial vehicles. There is a requirement to establish a Central Register of Beneficial Ownership of Trusts. The Revenue Commissioners will appoint the Registrar. Existing trusts caught by the Beneficial Ownership of Trust Regulations 2021 must register by 24 October 2021 and new ones within 6 months of coming into existence.
  • When a designated person is entering a business relationship with an entity which is obliged to keep a beneficial ownership register (for example a trust or a company) the designated person must obtain beneficial ownership information from the register. The designated person must not engage in that business relationship until the relevant information is obtained. There is an exception that a financial institution may open an account ahead of obtaining the information but cannot allow any transactions on that account.
  • The Act makes amendments to existing legislation concerning “politically exposed persons” (“PEP”). The definition is expanded to include any individual performing a prescribed function. It also permits a designated person to continue to monitor someone designated a PEP so long as a money laundering risk exists in connection with their designation. We understand that the Department of Justice will shortly issue guidance under the Act in respect of the definition of ‘prominent public function ‘and this guidance will be available on justice.ie when issued.
  • The Act now includes a specific list of enhanced due diligence measures that the designated person is required to apply when dealing with a customer established, or residing, in a high-risk third country.
  • The Act provides that if a firm has exhausted all possible means of identifying the beneficial owner of a company, they must take the necessary measures to verify the identity of the senior managing official in the company.
  • The Act introduces a registration and supervision regime for virtual asset service providers (VASPs) based on standards issued by FATF of which Ireland is a long-standing member. The Irish Central Bank will be responsible for registration and supervision. Readers should note that in its supervision and enforcement priorities for 2021, Central Bank has said it will continue risk-based and intelligence led inspections adapted for the new working environment, across sectors and with a particular focus on certain areas to include Virtual Asset Service Providers.
  • The list of factors suggesting potentially higher risk in schedule 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 has been amended to include for example customers who are third country nationals applying for residence or citizenship in Ireland in exchange for property purchases or investment here.
  • A new lower limit (€150) is set on the use of anonymous pre-paid cards and credit and financial institutions from creating anonymous safe-deposit boxes.

 Click here for 
 Criminal Justice (Money Laundering and Terrorist Financing )Amendment) Act,2021
 Beneficial Ownership of Trusts Regulations 2021
 Commencement Regulations 

 


[1] Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (Commencement) Order 2021. (188/2021)

[2] European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021. (194/2021) (” Beneficial Ownership of Trusts Regulations 2021”).

 


United Kingdom 

Anti-money laundering - this contains what we consider to be the most relevant legislation currently applicable to anti-money laundering in the U.K. Where cited "As amended" amendments made by subsequent legislation are incorporated up to a date that is stated at the beginning of the regulation. 

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.

 

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.