On the 10th of February 2012, the Department of Finance published the Criminal Justice ( Money Laundering and Terrorist Financing) Act Guidelines. These guidelines were prepared by a committee representing various sectors of the financial services industry.
The Guidelines have not been approved under section 107 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 which is a matter for the Department of Justice and Equality and the Department of Finance. This means that a designated persons cannot rely on compliance with the guidelines if, they are in breach of the 2010 Act.
The Central Bank of Ireland have indicated that they will have regard to the guidelines in assessing compliance by designated persons with the 2010 Act. However, the Central Bank have highlighted that a designated person should alwus refer directly to the Act when ascertaining their statutory obligations.
The role of the Guidance Notes is to attempt to resolve legal uncertainties. Both Guidance and ‘industry practice’ could be shields to an allegatons of wrongdoing. However, if you depart from the Guidance notes, a designated person should record the rationale for the departure.
Credit and financial institutions through senior management (including boards of directors) must ensure that they are in a position to demonstrate to the Bank that they are meeting the requirements as specified in the Act.
The Guidance Notes provide clarity on the following areas:
• Scope of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
• Assessment and management of risk/risk based approach
• Customer due diligence • Reliance on third parties to undertake due diligence
• Internal policies and procedures
• Reporting of suspicious transactions
• Record keeping • Training
• Enforcement • Identification and Verification procedures
• Template documentation
For a copy of the Guidance Notes click here
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© Peter Oakes (trading as Anti-Money Laundering Consultancy Services) 2005 - 2008.
Anti-Money Laundering Consultancy Services (No. 253984) is registered pursuant to the Registration of Business Names Act 1963 and is owned by Peter Oakes, 209 Upper Rathmines Road, Rathmines, Dublin 6, Ireland.
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web browser: The piece of software you use to read web pages. Examples are Microsoft Internet Explorer, Netscape Navigator, Firefox and Opera.
IP address: The identifying details for your computer (or your internet companys computer), expressed in "internet protocol" code (for example 192.168.72.34). Every computer connected to the web has a unique IP address, although the address may not be the same every time a connection is made.
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Special Note for Queries for AML Seminar 8 October 2009: If you submit data to us via the webform (e.g. at http://www.antimoneylaundering.ie/AML-Seminar-Query-Form.html) to provide a query in relation to the AML Seminar on 8th October 2009, please note: (i) that all data fields must be completed; (ii) your data will be transferred to and processed by Compliance Ireland* and other speakers at the event to the extent the speakers need to see your query and data in relation to answering your query (for the avoidance of doubt you expressly agree to this transfer and processing of personal data for purposes of the performance and administration of the contract to attend to the Seminar); and (iii) for the purpose of administering the Seminar. This Special Note is in addition to the other conditions under which we process your data as set out below. We appreciate this statement may seem a bit of over-kill, but given the nature of section 2 of the Data Protection Acts 1988 & 2003 and Statutory Instrument 535 of 2003, we feel you need to be fully informed of how we treat your personal data. We also believe that by being totally open with you, you will continue to trust us to process your personal data.
Data Protection & Privacy
This site is owned by Peter Oakes trading as Anti-Money Laundering Consultancy Services (CRO No. 253984) of Lower Ground Floor, 13 Adelaide Road, Dublin 2, Ireland. The owner ('we', 'our' and ''us') respect the rights of users of our website. You do not have to provide us with any personal information to use our website. However, where you elect to give us your personal information whether through the use of e-mail, fax, text or other instrument for any purpose, then we will treat your personal information in accordance with the paragraph below titled 'Giving us your personal information'.
Web browsing
By simply visiting our website you do not disclose, nor do we collect personal information on you. Of course, our internet service provider will provide traffic details to us, but in such cases this does not (as far as we can control) result in us collecting your personal information. In fact, all we shall know about your visit may be limited to the logical address (or IP address) of the server (used to access this site), the top level domain name from which you access the internet (for example complianceireland.ie, microsoft.com, etc), the type of web-browser you are using, the date and time you accessed our site and the internet address linking to our site. We will use this information to help us to improve our website. Cookies are not a feature of our website.
Words appearing in bold above are defined at the end of this privacy statement.
Giving us your personal information
Please note that where you provide us with your personal information (e.g. name, e-mail address, work address, phone and facsimile numbers and/or other contact information), through a facility provided on this website, directly to us by e-mail, fax or phone or other facility of contacting us (e.g. for the purposes of subscribing to our News Alert service, enquiring and/or booking a training course or other request) you have consented to us storing your personal information for: (a) processing and administration of such information to perform all necessary actions to give effect to your request, booking, attendance and collection of course fees; and/or (b) sending to you periodic information by way of post, telephone and/or e-mail of our News Alerts, details of our training courses and other relevant information (no third party will be issued your personal information unless done so in accordance with Ireland's Data Protection laws). Please note that your consent above is provided to any successor or assignee of our businesses. We inform all persons who submit their personal information to us of these conditions. It is not possible to block the use of your information for a specific purpose.
We provide a dedicated e-mail address, This email address is being protected from spambots. You need JavaScript enabled to view it., which you may use at any time to remove your personal information from our storage. By sending an e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. you shall lose the opportunity of receiving our News Alerts, details of our Training Courses and details of our consultancy services. In all other cases, you are hereby notified of your right of access to, and the right to correct any inaccuracies in, personal information we may hold about you.
We hope the above is clear and that you appreciate we respect your right to privacy. We are one of the few service providers in Ireland which informs you fully and clearly of your rights under data protection law. We hope that our honesty and integrity on this front shall mean that you continue to trust us with your personal information, knowing that we will not use it for any inappropriate purpose.
Glossary of technical terms used
web browser: The piece of software you use to read web pages. Examples are Microsoft Internet Explorer, Netscape Navigator, Firefox and Opera.
IP address: The identifying details for your computer (or your internet companys computer), expressed in "internet protocol" code (for example 192.168.72.34). Every computer connected to the web has a unique IP address, although the address may not be the same every time a connection is made.
Cookies: Small pieces of information, stored in simple text files, placed on your computer by a web site. Cookies can be read by the web site on your subsequent visits. The information stored in a cookie may relate to your browsing habits on the web page, or a unique identification number so that the web site can "remember" you on your return visit. Generally speaking, cookies do not contain personal information from which you can be identified, unless you have furnished such information to the web site.
If you are still reading - there's no more to read on this page. If you would like to know more about data protection in Ireland, then you may like to attend one of Compliance Ireland's data protection courses by going to www.complianceireland.com/Training2005.html.
If you intend to copy this page (in breach of copyright) for your own web-site privacy statement, then at least insert your name in lieu of 'Peter Oakes' and change the variables! And perhaps consider going to one of Compliance Ireland's Data Protection courses to understand why you are doing what you are doing?? See: www.complianceireland.com/Training2005.html
For news on Ireland's AML/CFT regime click on the menu items News and 3rd ML Directive over on the left of this page.
For copies of numerous anti-money laundering and compliance articles to which Compliance Ireland has contributed, please visit www.complianceireland.com/Press.html.
You should also visit Complaince Ireland's other webpages, for further AML/CFT and compliance resources, at:
For News of Irish anti-money laundering and compliance issues please also visit www.complianceireland.com/News.html, http://www.complianceireland.com/HotTopics.html and http://www.complianceireland.com/Resources.html#AMLBILL.
This webpage is intended to track Irish AML/CFT specific issues. Visitors should also visit on a regular basis www.fatf-gafi.org to keep up to date with international AML/CFT issues.
21 July 2010 - Financial Regulator posts notice that following the Minister for Justice and Law Reform’s signing of a Commencement Order, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is in force from 15 July 2010. The new Act transposes the Third Money Laundering Directive (2005/60/EC) and its Implementing Directive (2006/70/EC) into domestic law, bringing Ireland into line with EU requirements and the recommendations of the Financial Action Task Force. For full announcement, go to http://www.financialregulator.ie/processes/anti-money-laundering/Pages/WhatsNew.aspx?ListID=39be8f14-7392-41d0-bf89-d74c6d8f99ee&ListItemID=14
17 June 2010: Department of Justice and Law Reform announces registration requirements for Trust & Company Service Providers and Private Members Gaming Clubs. Go to http://www.antimoneylaundering.ie/downloads/Justice-AML-TCSP-Casino-registration-by-20100715.pdf to read more.
10 May 2010: Minister for Justice announces signing into law of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Go to http://www.complianceireland.com/documents/Ahern-Welcomes-Anti-Money-Laundering-Laws-20100510.pdf to read more.
14 January 2010: Following on from the publication on 28 July 2009 of the Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009, the Select Committee completed its consideration of the Bill. A new version of the Bill was published on 14 January 2010. Go to http://www.antimoneylaundering.ie/3MLDir.html to read more.
31 October 2009: The Office of Fair Trading in the United Kingdom supervises estate agents and consumer credit businesses for the purposes of anti money laundering. It has reminded these businesses of the requirement to be registered with it by 31 January 2010 and has published a revised version of its Frequently Asked Questions documents. Click here for a copy of the document.
10 October 2009: The 2nd Electronic Money Directive has been published in the EU Official Journal. With effect from 30 October 2009, it amends the definitions of Credit Institution and Financial Institution laid out in the Banking Consolidation Directive (2006/48/EC), removing Electronic Money Institutions from the definition of Credit Institution and adding 'issuing electronic money' as point 15 to Annex 1 which sets out the activities which define a Financial Institution. Click here for the text of the Directive.
In considering its definition of Designated Person, the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 makes use of these definitions by reference. However, the reference for Financial Institutions refers to certain activities only and doesn't refer to the full Annex. Unless updated, this could have the effect of removing Electronic Money Institutions from the definition of Designated Person in the Bill (unless such institutions also fall under another heading).
1 October 2009: European Court of Justice publishes judgement against Ireland for failing to transpose 3rd AML Implementing Directive.
The European Court of Justice has published its judgement in the case taken against Ireland by the European Commission declaring that Ireland has failed in its duty to transpose the 3rd AML Implementing Directive (Directive 2006/70/EC) into domestic Irish legislation by 15 December 2007. As with the 3rd AML Directive (Directive 2005/60/EC) itself, the provisions of the Implementing Directive have been incorporated into the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 which was introduced in July 2009 but which still remains at an early stage of the legislative process. Click here for the current status of the Bill. Click here for a copy of the ECJ judgement against Ireland.
Compliance Ireland has uploaded the Bill, the Explanatory Memorandum, a detailed note issued by the Minister and the Minister's Press Release at http://www.complianceireland.com/Resources.html#AMLBILL
with a link also from www.antimoneylaundering.ie for readers.
27 April 2009: The Financial Services Authority in the UK has published a report which sets out its findings on firms’ compliance with UK financial sanctions requirements. The report concludes that there are inadequacies in firms’ systems and controls on reducing the risk of breach of UK financial sanctions. The FSA states that firms need to enhance their systems and controls, and small firms in particular should improve their awareness of the regime. Click here to upload the report.
24 April 2009: Two directors of an Irish financial business gulity of money laundering: To read more about the cases of Ted Cunningham (convicted by jury) and Timothy Cunningham (convicted by admission of guilt) go to http://www.complianceireland.com/HotTopics.html .
29 October 2008: Although not an Irish case, we feel that the importance of the FSA's decision to fine personally a UK Money Laundering Reporting Officer £17,500 for failures to implement adequate AML/CFT systems and controls deserves a mention. On 29 October 2008, the UK FSA fined both Sindicatum Holdings Limited (SHL) £49,000 (Euro 62,450 / USD 80,650 / AUD 118,400) and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 (Euro 22,300 / USD 28800/ AUD 42,300) for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This is the first time the FSA has fined a money laundering reporting officer. The FSA found a number of failings including:
§ the firm failed to implement adequate procedures for verifying the identity of its clients;
§ it failed to verify adequately the identity of a significant number of its clients;
§ it failed to keep adequate records with regard to the verification of the identity of its clients; and
§ Mr Wheelhouse failed to take reasonable steps to implement adequate procedures for controlling money laundering risk.
Read Compliance Ireland's Briefing Note in pdf at http://www.complianceireland.com/documents/FSA_fines_MLRO_20081029_Final.pdf
Read the Final Notice in respect of Michael Wheelhouse at http://www.complianceireland.com/documents/michael_wheelhouse_MLRO_fine_20081029.pdf
Read the Final Notice in respect of SHL at http://www.complianceireland.com/documents/sindicatum_fine_20081029.pdf
Read the FSA press release at http://www.complianceireland.com/documents/FSA_Library_Communication_PR_2008_125.pdf
16 October 2008: The EU Commission announced on 16 October 2008 that Ireland, Belgium, Spain and Sweden have been referred to the European Court of Justice over non-implementation of the 3rd Anti-Money Laundering Directive. The transposition deadline for the Directive was 15 December 2007. Please go to www.complianceireland.com/HotTopics.html. If you wish to know more about how the EU infringement procedures operate, go to http://ec.europa.eu/community_law/infringements/infringements_en.htm
15 October 2008: Compliance Ireland's 5/2008 (October 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_October08_web.pdf - there is no specific news on AML/CFT in this newsletter.
22 August 2008: Compliance Ireland's 4/2008 (August 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_August08_web.pdf - there is no specific news on AML/CFT in this newsletter.
31 July 2008: Compliance Ireland's 3/2008 (July 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_July08.pdf contains latest news on AML /CFT in Ireland and the UK..
FATF e-News - July 2008
This edition of FATF's e-News (http://www.fatf-gafi.org/dataoecd/57/19/41094921.pdf) covers a number of issues, including:
18 July 2008: Ireland warned on EU money-laundering laws
Ireland has been formally warned by the European Commission to implement new money laundering legislation or face legal action. EU Internal Market Commissioner Charlie McCreevy wrote to 15 out of the 27 EU member states instructing these to implement the EU's Third Money Laundering Directive. Ireland together with Austria, Belgium, Czech Republic, Germany, France, Greece, Latvia, Luxembourg, Malta, Netherlands, Poland, Slovakia, Sweden and Spain received the warning. For more go to www.complianceireland.com/HotTopics.html
20 June 2008: Chairman's Summary of the FATF Plenary Meeting in London - 18-20 June 2008
At a recent plenary meeting (http://www.fatf-gafi.org/dataoecd/50/1/40879782.pdf) of the Financial Action Task Force, the organisation resolved to take a number of further steps to protect the international financial system from abuse.
30 May 2008: Irish Government launches Anti-Corruption Website - A new website www.anticorruption.ie has been launched by the Minister for Justice, Equality and Law Reform. It's aim is tackling bribery and corruption and it is a Cross-Departmental approach by the Irish Government to raise awareness of bribery and corruption. Click here for the Press Release on the launch of the website.
12 February 2008: New Scheme for an Irish anti-money laundering law, to be known as the Criminal Justice (Money Laundering) Act 2008 available at