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The Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 has now been signed into law and this legislation commenced on 15th July 2010.
The Act transposes the 3rd EU Money Laundering Directive previously in place.
The Act clarifies the definition of ‘designated person’ to include Auditor, external accountant or tax advisor, a relevant legal professional, a trust company service provider, a property service provider, persons who direct private members clubs at which gambling activities are carried out or persons trading in goods in respect of transactions involving cash of at least €15,000.
Some of the changes are set out below
The definition of money laundering has widened to include the proceeds of any criminal conduct, however minimal.
The term “know your client” is replaced by “customer due diligence”.
The level of customer due diligence will be determined on a risk based approach which allows for a simplified system in low risk situations.
There are additional obligations to identify the “beneficial owner” which now also includes anyone with a 25% controlling interest in a partnership or trust, or Executors of estates.
Persons who meet the definition of trust or company service providers will now need to be authorised and put in place risk assessment processes on new and existing customers.
Under the Act designated persons will now have to revise significantly how they conduct their assessment for Money Laundering in their business, prevent and detect money laundering and the reporting of suspicious transactions or activities to the Gardaí and Revenue Commissioners.
Contact
Jimmy Dolan , OSK Audit with
your queries and comments.
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