AML Update: Central Bank of Ireland Consultation Paper on Draft Guidelines and Trusts Beneficial Ownership Requirements

Irish anti-money laundering and counter-terrorist financing (“AML/CFT”) requirements continue to evolve at a rapid pace. This advisory considers the key aspects of the following recent developments:

  • publication by Central Bank of Ireland (“CBI”) of a Consultation Paper on AML/CFT Guidelines for the financial sector;
  • new obligations imposed on trusts to maintain a register of beneficial ownership;
  • publication by the Department of Justice and Equality of a General Scheme of a Bill which will give effect to the Fifth Anti-Money Laundering Directive (“5MLD”); and
  • introduction of a requirement for “Schedule 2 Firms” to register with CBI for AML/CFT supervision purposes.

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