Ireland tends to develop a strong AML legislation, because it is at risk due to narcotics tracking, fraud, tax offenses and money remittance.

The law in Ireland on anti-money laundering (AML) and the countering of the financing of terrorism (CFT) is governed by The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013 (“the Act”).

Licensing:

Operating as a payment institution requires licence from Central Bank in Ireland. The Central Bank is the body responsible for the authorisation of payment institutions pursuant to the European Communities (Payment Services) Regulations 2009 ('the Regulations').

ABM Global Compliance will assist you or your business to obtain the relevant Licence from the Central Bank of Ireland by designing a suitable Structural Organisation.

Compliance:

Central Bank of Ireland requires Money Services Businesses to adopt a written AML Compliance Program that is reasonably designed to ensure proper recordkeeping and reporting of certain transactions, and to prevent the business from being used to launder money.

ABM Global Compliance provides the compliance advisory service and audit on the overall activities of a Money Transfer Business in Ireland.

Internal Compliance Audit:

The scope of our compliance advisory service and Internal Audit are:

  • Providing advice on the identity of the company Central Bank of Ireland and Companies Registration Office (CRO)
  • Testing CDD, EDD, Risk Assessment, F & P Test as according to the AML Regulation.
  • Preparation of staff training Manual. Records and testing the standards of Training.
  • Developing Suspicious Activity Reporting (SAR's) system and train up the nominated officer on how to report to the regulator.

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