The central bank of Ireland is mandating some companies which it is not directly regulating to register. The changes are taking effect immediately and require several types of financial firms to take action.
Brokers and payment services providers are among the companies that are affected by the new rules. The changes are in effect from Monday, the 26th of November 2018. The Irish central bank is citing anti-money laundering (AML) purposes for its move.
The changes in the Irish legislative framework which are mandating the move are introduced by the Criminal Justice (Money Laundering and Terrorist Financing).
Your Cashier Checklist – Time For an Upgrade!Go to article >>
Aside from payment services providers and brokers, the new requirement also concerns companies that are providing financial advice, portfolio management, and custodial services.
Money Laundering Regulations
The law in Ireland on anti-money laundering and the countering of the financing of terrorism is governed by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The act has been amended twice, in 2013 and 2018.
After the latest amendment, the Central Bank of Ireland is becoming the most competent authority in Ireland to monitor and supervise financial and credit institutions. The compliance procedures which the companies must adhere to have not been described in detail by the central bank in its official announcement.
The Central Bank is empowered to take measures that are reasonably necessary to ensure that credit and financial institutions comply with the provisions of the law.