The Central Bank of Ireland is specified in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as the State competent authority for credit and financial institutions. The Bank, pursuant section 63 of the Act, is responsible for effectively monitoring credit and financial institutions’ compliance with their obligations.

The Central Bank have informed credit and financial institutions that:

• They must achieve compliance with their obligations under the Act.

• The Central bank of Ireland will conduct a range of on-site inspections across the financial sector to “effectively monitor” compliance and effective implementation by credit and financial institutions with regard to their obligations under the Act.

• As part of the inspection process, emphasis will be placed on compliance with section 54(2) (a) of the Act with regard to the adoption and implementation of policies and procedures for the assessment and management of risks of money laundering and terrorist financing. The Bank expects that policies and procedures will be up-to-date and available for inspection, and that senior management (including boards of directors) can demonstrate full awareness of their responsibilities.

• The Central bank of Ireland will, as provided in section 63 of the Act, “take measures that are reasonably necessary for the purpose of securing compliance.” Administrative sanctions are available to the Bank to achieve this statutory objective.

To go to the AML section on the Central Bank’s website click here