Following the publication of the Key findings of the AML unit, the Central bank issued a Dear CEO to all Regulated entities subject to Anti-Money laundering legislation on the 12th of October 2012. The letter addresses the current level of compliance by firms with AML-CFT legislation and provides an overview of the control failures identified in the course of Central Bank inspections. The letter highlights the importance of good governance in this area and the necessity for firms to anticipate changes to legislation and international standards. The letter also reminds credit and financial institutions of the wider context of Ireland’s membership of FATF and the reputational risks Ireland faces from poor governance and compliance in respect of AML-CTF.

The letter also indicated that boards should keep abreast of relevant legislative changes and to future proof AML/CFT systems and controls.

Most importantly, there is an expectation on firms that they should now review AML/CFT policies and procedures to address any shortcomings and provide remediation work to ensure that they do not fall down on any of the key findings.

For a copy of the letter click here