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Anti-Money Laundering

The Money Laundering Regulations 2007 came into force
on the 15th December 2007

Who’s affected?

The new regulations will have an impact on a range of businesses:

All regulated business
Any business that deals in financial information: and
Firms that might be expected to be involved in cash deals worth more than €15,000 in a single transaction

This means that the new legislation will now affect a broader range of organisations, including:


Credit Institutions	Financial Institutions
Auditors	Insolvency Practitioners
External Accountants & Tax Advisers	Independent Legal Professionals
Trust & Company Service Providers	Estate Agents
High Value Dealers where a cash transaction may exceed €15,000	Casinos

All businesses within the categories are obligated from sole practitioners to PLC’s.

What must they do?

Businesses are required to:

Identifying the customer and verifying the customer on the basis of documents, data or information obtained from a reliable and independent source;
Identifying, where applicable, the beneficial owner and taking risk based and adequate measures to verify his identity so that the firm is satisfied that it knows who the beneficial owners are;
Obtaining information on the purpose and intended nature of the business relationship; and
Conducting ongoing monitoring, on a risk sensitive basis, of the business relationship.

Businesses impacted by these regulations are recommended to utilise online systems, using credible third party sources and where possible, to check source documents.