Irish AML Requirements Facing a Shake-Up

Following a relatively settled period, the Irish anti-money laundering and counter terrorist-financing (“AML/CFT”) regime will shortly undergo significant reform in the shape of new domestic legislation with a heavy emphasis on risk, revised industry guidance and the establishment of central beneficial ownership registers.

A significant aspect of these reforms is that certain industry sectors will find themselves within the scope of AML/CFT legislation for the first time and will be subject to direct supervision for AML/CFT purposes by competent authorities. This will include a requirement for commercial lenders (including SPV's in the structured finance sector) being formally required to register for AML supervision for the first time. Affected firms should start preparing for these changes now to ensure they do not find themselves hurriedly introducing new systems, policies and procedures without properly thinking through their overall approach.

Walkers has one of the largest and most experienced dedicated financial services regulatory groups in Ireland. We have extensive experience in assisting clients to design and implement AML/CFT systems, policies and procedures.

 

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