Legislation and Guidelines for Anti-Money Laundering 

Anti-money laundering (AML) and the countering of financing of terrorism (CFT) is governed by domestic legislation in Ireland under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013 (“the Act”), that transposes the EU’s Third Money Laundering Directive (2005/60/EC) and its Implementing Directive (2006/70/EC) into Irish law. The definition of terrorist financing is contained in the Criminal Justice (Terrorist Offences) Act 2005.

All designated persons (as defined under the Act and set out on our Regulatory Requirements & Guidance webpage) must refer to the Act as they have a statutory obligation to comply with its provisions. Detailed below is the relevant law on AML and CFT applicable in Ireland at present.

Irish Legislation

Acts

Statutory Instruments

  • S.I. No. 342 of 2010 - Order that commenced the Act on 15 July 2010
  • S.I. No. 343 of 2010 - Order (now revoked) by which the Minister first designated jurisdictions as imposing requirements equivalent to those specified in the Third Money Laundering Directive
  • S.I. No. 347 of 2012 - Order revoking and replacing above S.I. 343 of 2010 by which Minister designates jurisdictions as imposing requirements equivalent to those specified in the Third Money Laundering Directive
  • S.I. No. 196 of 2013 - Order that commenced the Amending Act

European Legislation

  • Directive 2005/60/EC - The Third Money Laundering Directive  on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing

Financial Service Industry Guidelines

Financial Services Industry Guidelines (“the Guidelines”) were published by the Department of Finance in February 2012 to assist the financial industry in interpreting and effectively complying with their statutory obligations under the Act.

The Guidelines are for guidance purposes only and designated persons must always refer directly to the Act when ascertaining their statutory obligations.  The Central Bank may have regard to the Guidelines in assessing compliance by designated persons with the Act.  

Core Guidelines

Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

Guidance for Credit Unions

Guidance for Credit Unions 

Guidance for the Life Insurance Sector

Guidance for the Life Insurance Sector 

The Central Bank has provided guidance to the financial industry as to the implementation of an effective AML/CFT regime.  Previous guidance given by the Central Bank can be accessed below.

Correspondence with Industry 

Anti-Money Laundering bulletin on Third Party Reliance - December 2016 | pdf 824 KB Intermediary Times Special Edition August 2016 AML | pdf 536 KB Report on Anti-Money Laundering/Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Life Insurance Sector | pdf 783 KB Report on Anti-Money Laundering/Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Funds Sector - Nov 2015 | pdf 869 KB Report on Anti Money Laundering Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Credit Union Sector - May 2015 | pdf 966 KB Report on Anti Money Laundering Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Bank Sector- February 2015 | pdf 758 KB Letter to industry – Customer due diligence requirements – October 2014 | pdf 358 KB Dear CEO Letter – Compliance with the CJA 2010 – October 2012 | pdf 956 KB MHC Breakfast Seminar - July 2015 | pdf 806 KB