This document provides an overview and summary of anti-money laundering and terrorist financing legislation, regulations, and procedures for financial institutions in Ireland. It discusses key concepts like money laundering, terrorist financing, customer due diligence, and politically exposed persons. It also outlines the three stages of money laundering and differentiates between simplified, standard, and enhanced customer due diligence requirements based on risk level.
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
KYC - Know Your Costumer and the Importance of SuitabilityMichaelSabaJD
This slide deck was prepared as a fictional compliance project. It contains helpful information from FINRA for broker/dealers on the importance of knowing your customer, anti-money laundering, and how the suitability rule should be applied.
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Kevin Piccoli, Commodity Futures Trading Commission (US)
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
KYC - Know Your Costumer and the Importance of SuitabilityMichaelSabaJD
This slide deck was prepared as a fictional compliance project. It contains helpful information from FINRA for broker/dealers on the importance of knowing your customer, anti-money laundering, and how the suitability rule should be applied.
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Kevin Piccoli, Commodity Futures Trading Commission (US)
Commission grand sud cercle montesquieu 29 octobre 2017 présentation de jan...holtzhausser
Support de présentation sur le thème de la due diligence anti-corruption dans les opérations de M&A, dans le cadre de la conférence du Cercle Montesquieu du 29 octobre 2017.
Trade Credit Insurance- A Boon for Financiers.pptxM1NXT
Trade credit insurance (TCI) is a type of insurance that covers the risk of non-payment by buyers of goods or services. It is a useful tool for financiers who provide funding to businesses based on their trade receivables. In this blog, we will explore how TCI can benefit financiers and what options are available in the market.
Visit:https://www.m1nxt.com/trade-credit-insurance-a-boon-for-financiers/
Marketing in a brave new world - FCA financial promotions regulation - Bovill...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the January briefing on financial promotions. For more information visit http://www.bovill.com/Financial-Promotions.aspx.
Information about the event is below:
From new year’s day the way you market products and services – particularly to retail investors – changed significantly. The FCA’s new financial promotion rules governing non-mainstream pooled investments came into effect on 1st January 2014.
Bovill’s briefing gave attendees the inside track on navigating the new restrictions. We also explored what the financial promotions rules mean in relation to social media.
The briefing covered:
• non-mainstream pooled investment restrictions;
• AIFMD marketing rules;
• proposed changes to direct offer financial promotions;
• social media developments.
Join CMT program become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
www.ptajaipur.com/chartered-market-technician-cmt-course-india.html
Conduct Risk. Assessing risk and identifying cultural drivers for clear defin...Compliance Consultant
Conduct Risk is sweeping the financial services world and catching many risk manager out as there is still a lack of understanding.
Our Compliance Manual is available at http://bit.ly/ComplianceManualTemplate
Risk management need to determine the corporate risk philosophy and appetite. To assess or understand the risk philosophy, try to comprehend the organisation's culture, values and environment. The way business operations are conducted on a daily basis and the organisation’s strategy are typically good indicators where you can find the company risk philosophy. Assess whether business has an aggressive, innovative, typical or conservative attitude towards risks for achieving business goals.
Risk appetite is simply the amount of risk which the organisation is willing to take to undertake business activities and achieve the business objectives, where Conduct Risk is concerned this has to include good customer outcomes. A simple question to ask the board of members could be “What amount of reported mismanagement or public uproar would make you uncomfortable if it appeared in the business newspapers?”
Consolidate the various risk exposures from the risk department's identified risks and present them to the board. Finally, assess whether the company’s internal perception and rhetoric on risk philosophy and appetite are consistent with the board and other stakeholder's viewpoints. Realign the two where required to prepare the annual strategy.
Build Your Framework.
Don’t let the title fool you. Establishing a comprehensive AML Program may involve “Five Steps” – but the steps are giant. We’ll break them down, but each area is time-consuming and takes a focused mindset.
We don’t suggest holding someone new to the AML profession solely responsible for implementing an AML Programme. Senior Management needs to understand that there are significant financial and reputational risk exposures if you have an underdeveloped AML Programme. Seek the input of an experienced advisor rather than trying to build a programme alone if you don’t have the experience.
A synopsis of the Financial Conduct Authority’s (FCA) latest news and publications issued in April and May 2018.
With GDPR and MiFID II processes now firmly embedded in our daily lives, many of our readers will look back at the months of April and May with a sense of relief.
Ratcheting Regulations in Singapore - How Private Banks can RespondNizam Ismail
A presentation made at a joint event between AG Delta, RHTLaw Taylor Wessing and RHT Compliance Solutions discussing ratcheting regulations in Singapore, in the areas of suitability, classification of accredited investors and anti-moneylaundering.
Willkie Farr & Gallagher Corporate Crime Bulletin September 2017Paul Feldberg
Welcome to Willkie Farr & Gallagher’s Corporate Crime E-Bulletin. This publication provides an update on recent developments in the UK and the US with respect to financial crime and regulatory enforcement, including bribery and corruption, fraud, sanctions, money laundering, market abuse and insider dealing.
Compliance Risk Assessment Fall 2016 Class 7 Stephen Paine .docxaryan532920
Compliance Risk Assessment
Fall 2016 Class 7
Stephen Paine
Jay Holtmeier, Guest Lecturer
Compliance Risk by Area:
Anti-Corruption and Insider Trading
Recap of Class 1
Pfizer Case Study and Compliance Risks
Legal and Regulatory Incentives/Conflicts of Interest
Political Failure of Controls
Reputational Recidivism
Point of Sale/Distribution
Definitions
Compliance Risk is the risk of failing to comply with applicable legal or regulatory requirements resulting in a material loss (financial or reputational) or legal/regulatory sanction
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent risks and control effectiveness) associated with a particular business area
Recap of Class 2
The Five Elements of an Effective Compliance Program
Tone at the Top
Enron Chronology: July 1985 Enron established through merger and by November 2006 entire senior management team has either been indicted or convicted with Enron and Arthur Andersen no longer operating
Corporate Culture and Communication
Codes of Conduct set the values for employees to follow and those values are based on Compliance Risk.
3. Compliance Risk Assessment
4. Testing and Monitoring
5. Chief Compliance Officer
Case Study: HSBC
Financing drug cartels
Permitting sanctioned regimes to process dollar payments
Claw back of compensation (including Compliance Officers)
Criminal charges for “failure to maintain an effective AML program”
Recap of Class 3
Compliance Tools/Controls
Advisory Function
Coverage of Front Office and Technology, Finance and Operations
Conflicts of Interest -- A Deep Dive
Conflicts of interest are inherent in the financial services business
Historical success of the industry has been managing these conflicts by eliminating or disclosing them
Top to bottom review of business operations to address conflicts of interest of every kind
Risk Assessments
Follow-Up
Policies and Procedures
Education and Training
Compliance Surveillance and Business Unit Review and Testing
‹#›
Recap of Class 4
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent risks and control effectiveness) associated with a particular business area
1. Identifying Business Area(s) and Metrics
2. Mapping Applicable Rules
3. Identifying Key Compliance Risks and Themes
4. Defining a Controls Inventory
5. Rating Control Effectiveness
6. Determining Residual Risks
7. Scoring, Rating and Reporting
It’s All About the Questionnaire . . .
Compliance Risk Assessment Steps
Identify Business Area and Metrics
Map Applicable Rules
Identify Key Compliance Risks & Themes
Define Controls Inventory
Rate Controls Effectiveness
Determine Residual Risk
Score, Rate and Report
Phase 2 of the Course
Assignments
Listen c ...
Commission grand sud cercle montesquieu 29 octobre 2017 présentation de jan...holtzhausser
Support de présentation sur le thème de la due diligence anti-corruption dans les opérations de M&A, dans le cadre de la conférence du Cercle Montesquieu du 29 octobre 2017.
Trade Credit Insurance- A Boon for Financiers.pptxM1NXT
Trade credit insurance (TCI) is a type of insurance that covers the risk of non-payment by buyers of goods or services. It is a useful tool for financiers who provide funding to businesses based on their trade receivables. In this blog, we will explore how TCI can benefit financiers and what options are available in the market.
Visit:https://www.m1nxt.com/trade-credit-insurance-a-boon-for-financiers/
Marketing in a brave new world - FCA financial promotions regulation - Bovill...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the January briefing on financial promotions. For more information visit http://www.bovill.com/Financial-Promotions.aspx.
Information about the event is below:
From new year’s day the way you market products and services – particularly to retail investors – changed significantly. The FCA’s new financial promotion rules governing non-mainstream pooled investments came into effect on 1st January 2014.
Bovill’s briefing gave attendees the inside track on navigating the new restrictions. We also explored what the financial promotions rules mean in relation to social media.
The briefing covered:
• non-mainstream pooled investment restrictions;
• AIFMD marketing rules;
• proposed changes to direct offer financial promotions;
• social media developments.
Join CMT program become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
www.ptajaipur.com/chartered-market-technician-cmt-course-india.html
Conduct Risk. Assessing risk and identifying cultural drivers for clear defin...Compliance Consultant
Conduct Risk is sweeping the financial services world and catching many risk manager out as there is still a lack of understanding.
Our Compliance Manual is available at http://bit.ly/ComplianceManualTemplate
Risk management need to determine the corporate risk philosophy and appetite. To assess or understand the risk philosophy, try to comprehend the organisation's culture, values and environment. The way business operations are conducted on a daily basis and the organisation’s strategy are typically good indicators where you can find the company risk philosophy. Assess whether business has an aggressive, innovative, typical or conservative attitude towards risks for achieving business goals.
Risk appetite is simply the amount of risk which the organisation is willing to take to undertake business activities and achieve the business objectives, where Conduct Risk is concerned this has to include good customer outcomes. A simple question to ask the board of members could be “What amount of reported mismanagement or public uproar would make you uncomfortable if it appeared in the business newspapers?”
Consolidate the various risk exposures from the risk department's identified risks and present them to the board. Finally, assess whether the company’s internal perception and rhetoric on risk philosophy and appetite are consistent with the board and other stakeholder's viewpoints. Realign the two where required to prepare the annual strategy.
Build Your Framework.
Don’t let the title fool you. Establishing a comprehensive AML Program may involve “Five Steps” – but the steps are giant. We’ll break them down, but each area is time-consuming and takes a focused mindset.
We don’t suggest holding someone new to the AML profession solely responsible for implementing an AML Programme. Senior Management needs to understand that there are significant financial and reputational risk exposures if you have an underdeveloped AML Programme. Seek the input of an experienced advisor rather than trying to build a programme alone if you don’t have the experience.
A synopsis of the Financial Conduct Authority’s (FCA) latest news and publications issued in April and May 2018.
With GDPR and MiFID II processes now firmly embedded in our daily lives, many of our readers will look back at the months of April and May with a sense of relief.
Ratcheting Regulations in Singapore - How Private Banks can RespondNizam Ismail
A presentation made at a joint event between AG Delta, RHTLaw Taylor Wessing and RHT Compliance Solutions discussing ratcheting regulations in Singapore, in the areas of suitability, classification of accredited investors and anti-moneylaundering.
Willkie Farr & Gallagher Corporate Crime Bulletin September 2017Paul Feldberg
Welcome to Willkie Farr & Gallagher’s Corporate Crime E-Bulletin. This publication provides an update on recent developments in the UK and the US with respect to financial crime and regulatory enforcement, including bribery and corruption, fraud, sanctions, money laundering, market abuse and insider dealing.
Compliance Risk Assessment Fall 2016 Class 7 Stephen Paine .docxaryan532920
Compliance Risk Assessment
Fall 2016 Class 7
Stephen Paine
Jay Holtmeier, Guest Lecturer
Compliance Risk by Area:
Anti-Corruption and Insider Trading
Recap of Class 1
Pfizer Case Study and Compliance Risks
Legal and Regulatory Incentives/Conflicts of Interest
Political Failure of Controls
Reputational Recidivism
Point of Sale/Distribution
Definitions
Compliance Risk is the risk of failing to comply with applicable legal or regulatory requirements resulting in a material loss (financial or reputational) or legal/regulatory sanction
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent risks and control effectiveness) associated with a particular business area
Recap of Class 2
The Five Elements of an Effective Compliance Program
Tone at the Top
Enron Chronology: July 1985 Enron established through merger and by November 2006 entire senior management team has either been indicted or convicted with Enron and Arthur Andersen no longer operating
Corporate Culture and Communication
Codes of Conduct set the values for employees to follow and those values are based on Compliance Risk.
3. Compliance Risk Assessment
4. Testing and Monitoring
5. Chief Compliance Officer
Case Study: HSBC
Financing drug cartels
Permitting sanctioned regimes to process dollar payments
Claw back of compensation (including Compliance Officers)
Criminal charges for “failure to maintain an effective AML program”
Recap of Class 3
Compliance Tools/Controls
Advisory Function
Coverage of Front Office and Technology, Finance and Operations
Conflicts of Interest -- A Deep Dive
Conflicts of interest are inherent in the financial services business
Historical success of the industry has been managing these conflicts by eliminating or disclosing them
Top to bottom review of business operations to address conflicts of interest of every kind
Risk Assessments
Follow-Up
Policies and Procedures
Education and Training
Compliance Surveillance and Business Unit Review and Testing
‹#›
Recap of Class 4
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent risks and control effectiveness) associated with a particular business area
1. Identifying Business Area(s) and Metrics
2. Mapping Applicable Rules
3. Identifying Key Compliance Risks and Themes
4. Defining a Controls Inventory
5. Rating Control Effectiveness
6. Determining Residual Risks
7. Scoring, Rating and Reporting
It’s All About the Questionnaire . . .
Compliance Risk Assessment Steps
Identify Business Area and Metrics
Map Applicable Rules
Identify Key Compliance Risks & Themes
Define Controls Inventory
Rate Controls Effectiveness
Determine Residual Risk
Score, Rate and Report
Phase 2 of the Course
Assignments
Listen c ...
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
2. Important
Members should note this is a template presentation and must be
personalised by the firm to reflect their own policies and
procedures.
3. Legislation
• The Irish AML/CTF legislative framework is set out in the Criminal Justice
(Money Laundering and Terrorist Financing) Act 2010. This framework was
updated with the transposition of the 4th EU AML Directive into Irish Law in
2018 pursuant to the Criminal Justice (Money Laundering and Terrorist
Financing) (Amendment) Act 2018.
• The key amendments in the 2018 Act include:
Introduction of Business Risk Assessments
Simplified and Enhanced Due diligence changes
Internal Policies and procedure
Enforcement
4. What is Anti-Money Laundering & Terrorist financing?
It is the process by which criminals conceal the true origin and ownership
of the proceeds of drug trafficking or other criminal activity.
A common misconception in relation to Money Laundering is that it only
relates to theft, drug or similar offences.
It might also be:
Tax evasion
Financial fraud and deception
Theft
5. To be guilty of money laundering a person must know or believe the
property involved is or probably is the proceeds of criminal conduct or be
reckless as to whether the property is the proceeds of criminal conduct.
Terrorist Financing
Funds intended to finance an act of terrorism.
Links between terrorist groups and organised criminal gangs.
Includes converting, transferring, handling, acquiring, possessing or
using the property that is the proceeds of criminal conduct.
There must be intention or knowledge in providing or collecting funds for
the purposes of financing terrorism, in order for there to be an offence.
5
6. Stages of Money Laundering
There are three stages in the money laundering process:
Placement – this is the physical disposal of cash;
Layering – the creation of complex layers which make tracking
transactions difficult;
Integration – absorbing the money back into the economy as legitimate
money.
6
7. Designated Persons
Mortgage Intermediaries and intermediaries by virtue of their registration
as Insurance Intermediaries who provide Life Assurance or other
investment related services are deemed to be “Designated Persons”.
Note: Intermediaries only operating in the General Insurance market do
not fall under the CDD requirements. However they are expected to be
mindful of other legislation that would apply such as Financial Sanctions
and to have controls and procedures in place to detect and prevent
financial crime, and as a result, to report suspicious transactions. Staff
would need to be trained in this regard. (See Appendix 6 in Brokers Ireland
AML Guidance notes for further information)
7
8. Designated Persons must have internal policies and procedures to reflect
the requirements of the legislation in relation to the following areas:
Customer due diligence
Reporting
Record keeping
Internal procedures & training
(All staff including executive & non-executive directors are required to
receive annual training in relation to AML & combating terrorist
financing.)
8
9. What does Customer Due Diligence mean?
• Identify & verify the customer.
• Identify & verify the beneficial owner (An individual who ultimately
owns or controls the customer and/or on whose behalf a transaction
or activity is conducted).
• Establish purpose & intended nature of business relationship (a
business, professional or commercial relationship between the
designated person and the customer that the designated person
expects to be ongoing).
• Monitor customer dealings on an on-going basis.
10. Beneficial Owner
• Company
An Individual holding 25% or more of shares or voting rights.
• Partnership
An Individual holding 25% or more of profits or capital or voting rights,
• Trusts
An individual who is entitled to a vested interest in the trust property may be
considered a beneficial owner. Additionally, settlors, trustees and protectors of a trust
may now also be considered beneficial owners. The threshold of 25% ownership no
longer applies.
• Estate
Executor.
11. Purpose & intended nature of the business relationship
In most cases this will be self evident e.g.
Investing in a life policy
Opening bank account
Ongoing monitoring
Scrutinise transactions:
Source of wealth or funds
Consistent with knowledge of customer and the customer’s business
and pattern of transactions
12. Customer Due Diligence Requirements
Legislation allows designated persons to apply aspects of the customer
due diligence requirements on a risk-sensitive basis depending on:
a) The nature of the product being sold;
b)The delivery mechanism or distribution channel used to sell the
product;
c) The profile of the customer; and
d) The customer’s geographical location and source of funds.
13. Intermediaries are required to carry out Customer Due Diligence
• Prior to establishing a business relationship with the customer.
• Prior to carrying out for/with the customer any transaction which appears
linked to another transaction or prior to assisting the customer in carrying
out a single transaction if:
(i) You do not have a business relationship with the customer; and
(ii) The total amount of money paid by the customer in the single
transaction or series of transactions is greater than €10,000.
14. Intermediaries are required to carry out Customer Due Diligence
(contd.)
• Prior to carrying out any service for the customer, if you have reasonable grounds
to believe that there is a real risk that the customer is involved in money
laundering/terrorist financing(ML/TF).
• If you have grounds to doubt the veracity of documents provided by the client.
• At any time, including situations where the relevant circumstances of a customer
have changed, where the risk of money laundering/terrorist financing warrants its
application.
• A client risk assessment form is recommended to be completed to assess the risk
per transaction – See Appendix 3 BI Guidance notes
15. Three categories of Customer Due Diligence (CDD)
• Simplified Customer Due Diligence applies where the customer or
business area is considered to be low risk.
• Enhanced Due Diligence now applies to high risk third countries, higher
risk relationship/transactions and resident and non-resident ‘Politically
Exposed Persons’ deemed to be high risk.
• Standard Due Diligence must be applied to all remaining customers and
products.
16. Simplified Customer Due Diligence
• Designated persons will be allowed to carry out Simplified Customer
Due Diligence where the customer or business area is considered to be
low risk.
•Simplified Customer Due Diligence can only be applied where a
designated person has identified in its business risk assessment, an area
of lower risk into which the relationship or transaction falls, and the
relationship or transaction concerned can reasonably be considered to be
low risk.
• Please see Appendix 4 and Appendix 5 in BI AML Guidance notes for a
list of factors suggesting potentially lower and higher risk.
17. Simplified Customer Due Diligence contd.
• Where a firm has applied Simplified Customer Due Diligence, it is
required to:
Retain record of the reasons for its determination and evidence
upon which is was based; and
Carry out sufficient monitoring of the transactions and business
relationships to enable the firm to detect unusual or suspicious
transactions.
18. Simplified Customer Due Diligence contd.
Examples of products which may fall into the simplified customer due
diligence category are:
• Protection policies with annual premium of less than €1000
• Pension business (except ARF and AMRF)
Note: Intermediaries must at all times take into account the type of
customer, countries or geographical areas, transactions and delivery
channels and document the rationale for categorising these products as
lower risk for the purposes of applying CDD.
19. Enhanced Due Diligence (EDD)
• High risk third countries
A designated person is required to apply enhanced customer
due diligence measures when dealing with a customer
established or residing in a high-risk third country.
There is an exemption that applies when the customer is a
branch or majority-owned subsidiary of a designated person
established in the European Union which complies with the
group’s group-wide policies and procedures. These cases must
be dealt with using a risk-based approach.
20. Enhanced Due Diligence
• High risk third countries
At present there are 16 countries* that have been identified as
'high risk third countries’. These are listed in the table below:
*Please note this list is continuously updated
21. Enhanced Due Diligence contd.
• Relationship/transaction presents a higher risk
A designated person is required to apply enhanced customer due
diligence measures where a business relationship or transaction
presents a higher degree of risk.
This is to be applied where the relationship or transaction
concerned can reasonably be considered, having regard to certain
matters, to be high risk.
22. Enhanced Due Diligence contd.
• Politically Exposed Persons (PEPs)
Enhanced Due diligence measures that previously applied only to
PEPs resident outside of Ireland now also apply to PEPs resident in
Ireland. “PEP” is an individual who has been entrusted with
prominent public functions or an immediate family member or a
known close associate of such a person.
Life Assurance Policies/PEPs
Additional requirements are imposed regarding the identification
of the beneficiaries of life assurance policies and other
investment-related assurance policies
23. Enhanced Due Diligence contd.
• Life Assurance Policies/PEPs
Specific steps must be taken where the PEP is a beneficiary of a life
assurance policy. If a designated person knows or has reasonable
grounds to believe that a beneficiary of a life assurance or other
investment-related assurance policy or a beneficial owner of the
beneficiary concerned, is a politically exposed person, or an immediate
family member or a close associate of a politically exposed person, it
shall:
a) inform senior management before pay-out of policy proceeds and
b) conduct enhanced scrutiny of the business relationship with the
policyholder
24. Enhanced Due Diligence contd.
PEP Identification
Firms should put appropriate policies and procedures in place to
determine:
• If a customer or beneficiary is a PEP at on boarding; or
• If a customer becomes a PEP during the course of the business
relationship with the firm.
• Firms should note that new and existing customers may not initially
meet the definition of a PEP, but may subsequently become one
during the course of a business relationship with the firm.
25. Enhanced Due Diligence contd.
• Firms should undertake regular and on-going screening of their
customer base and the customers’ beneficial owners (where relevant),
to ensure that they have identified all PEPs. The frequency of PEP
screening should be determined by firms commensurate with their
business wide risk assessment.
• Firms policies and procedures should address how any PEP
relationship identified will be managed by the firm including:
Application of EDD
Obtaining Senior Management approval
Enhanced on-going monitoring
26. Standard Customer Due Diligence (SCDD)
Applied on a risk based approach
Profile of the customer
Nature of product or service
Distribution channel
Geographical area of operation
27. Standard Customer Due Diligence
Factors which indicate lower risk
Customer Risk Factors:
a) public companies listed on a stock exchange and subject to
disclosure requirements (either by stock exchange rules or through
law or enforceable means), which impose requirements to ensure
adequate transparency of beneficial ownership;
b) public administrations or enterprises;
c) Customers that are resident in geographical areas of lower risk as
set out in subparagraph (3).
28. Standard Customer Due Diligence
Factors which indicate lower risk
Product, service, transaction or delivery channel risk factors:
a) Life assurance policies for which the premium is low;
b) Insurance policies for pension schemes if there is no early surrender
option and the policy cannot be used as collateral;
c) A pension, superannuation or similar scheme that provides retirement
benefits to employees, where contributions are made by way of
deduction from wages, and the scheme rules do not permit the
assignment of a member’s interest under the scheme;
29. Standard Customer Due Diligence
Factors which indicate lower risk
Product, service, transaction or delivery channel risk factors contd:
(d) financial products or services that provide appropriately defined and
limited services to certain types of customers, so as to increase access for
financial inclusion purposes;
(e) products where the risks of money laundering and terrorist financing
are managed by other factors such as purse limits or transparency of
ownership (e.g. certain types of electronic money).
30. Standard Customer Due Diligence
Factors which indicate lower risk
Geographical risk factors:
(a) EU Member States;
(a) third countries having effective anti-money laundering (AML) or
combating financing of terrorism (CFT) systems;
(b) Third countries identified by credible sources as having a low level of
corruption or other criminal activity;
31. Standard Customer Due Diligence
Factors which indicate lower risk
Geographical risk factors contd:
(a) Third countries which, on the basis of credible sources such as
mutual evaluations, detailed assessment reports or published follow-up
reports, have requirements to combat money laundering and terrorist
financing consistent with the revised Financial Action Task Force (FATF)
recommendations and effectively implement these requirements.”.
32. Standard Customer Due Diligence
Lower risk
There are products due to their inherent features which are unlikely to
be used as a vehicle for money laundering purposes.
The following features would indicate low risk:
•Only pays out on death or diagnosis of terminal illness of policy holder.
•Only pays out on medical evidence and proof is required as to loss of
income.
•No surrender value.
•Small, regular premiums: additional payments by customer not possible.
•Large premiums will normally require medical evidence.
•No investment element.
•Once term of policy is finished no payout and policy ceases.
33. Standard Customer Due Diligence
Generally, for protection products with annual premium of less than
€1000, due diligence requirements are satisfied by the Name, Address
and Date of Birth information collected on the application form in
conjunction with the fact that the payment is made from an account in
the customer’s name (i.e. personal cheques and other payment
instruments drawn on policy owner’s own account such as Direct
Debits/Standing Orders)
If payment is made by bank draft for the products above Brokers Ireland
would recommend that the client is requested to request confirmation
from the bank confirming where the money is coming from and request
completion of the source of funds form. Appendix 7 BI Guidance
34. Standard Customer Due Diligence
Medium Risk
The medium risk level is given to products whose inherent features pose
some risk for the purposes of money laundering or terrorist financing.
These may be products which have a facility for “top up” payments.
Examples:
• Life assurance savings plan
• With premium under €5000
• Investment Bonds with premium under €5000
• Post Retirement pension products: ARF & AMRFs
35. Standard Customer Due Diligence
Medium Risk Due Diligence requirements:
Name, address and date of birth collected on the application form in
conjunction with the fact that the payment is made from an account in the
policy owner’s name (i.e. personal cheques and other payment
instruments drawn on policy owner’s account such as Direct
Debits/Standing Orders)
If payment is not by way of Direct Debit/personal cheque drawn on policy
owners own account, complete source of funds form (Appendix 7 BI
Guidance)
Certified copies of identification and proof of address for policy owner and
third party if applicable.
36. Standard Customer Due Diligence
Factors which indicate higher risk
Customer risk factors:
(a) the business relationship is conducted in unusual circumstances;
(b) customers that are resident in geographical areas of higher risk as set
out in subparagraph (3);
(c) non-resident customers;
(d) legal persons or arrangements that are personal asset-holding vehicles;
37. Standard Customer Due Diligence
Factors which indicate higher risk
Customer risk factors contd:
(e) companies that have nominee shareholders or shares in bearer form;
(f) businesses that are cash intensive;
(g) the ownership structure of the company appears unusual or excessively
complex given the nature of the company’s business.
38. Standard Customer Due Diligence
Factors which indicate higher risk
Product, service, transaction or delivery channel risk factors:
(a) Private banking;
(b) Products or transactions that might favour anonymity;
(c) Non-face-to-face business relationships or transactions;
(d) Payment received from unknown or unassociated third parties;
(e) New products and new business practices, including new delivery
mechanism, and the use of new or developing technologies for both
new and pre-existing products.
39. Standard Customer Due Diligence
Factors which indicate higher risk
Geographical risk factors:
(a) Countries identified by credible sources, such as mutual evaluations,
detailed assessment reports or published follow-up reports, as not
having effective AML/CFT systems;
(b) Countries identified by credible sources as having significant levels
of corruption or other criminal activity;
(c) Countries subject to sanctions, embargos or similar measures issued
by organisations such as, for example, the European Union or the
United Nations;
40. Standard Customer Due Diligence
Factors which indicate higher risk
Geographical risk factors contd:
(d) Countries (or geographical areas) providing funding or support for
terrorist activities, or that have designated terrorist organisations
operating within their country.
41. Standard Customer Due Diligence
Higher risk
These products have the facility for third party and/or “top up”
payments and therefore an enhanced level of due diligence (by
asking for more information) is appropriate. It is to this risk level that
the majority of a designated person’s AML resource will normally be
directed.
The majority of products in this range are found in the investment
category which reflects the higher value premium that can be paid
into them.
42. Standard Customer Due Diligence
Higher risk Due Diligence Requirements:
• Name, address and date of birth collected on the application form in
conjunction with the fact that the payment is made from an account
in the policy owner’s name (i.e. personal cheques and other payment
instruments drawn on policy owner’s account such as Direct
Debits/Standing Orders)
• Certified copies of identification and proof of address for policy
owner and third party if applicable.
• Complete source of Wealth form (Appendix 8).
43. Identification
1. Personal customers:
Identification of a personal customer is the process whereby a
designated person obtains from a customer the information necessary
for it to identify who the customer is. The identity of an individual has a
number of aspects at any point in time, all of which must be obtained
by the designated person:
1) name (which may change due to particular events);
2) address (which is likely to change from time to time); and
3) date of birth (which is a constant).
44. One plus One approach
Obtain one item from the list of photographic IDs (to verify name and
date of birth) and one item from the list of non-photographic IDs (to
verify address) at the outset of the business relationship.
Sources which can be used to verify identity are:
• Current valid Passport.
• Current valid driving licence.
• Current valid National Identity Card.
• In the absence of the above documents, written or otherwise
documented, assurances from persons or organisations that have dealt
with the customer for some time may suffice.
• A designated person might consider it appropriate to adopt an
alternative approach of identification such as seeking a social welfare
card, National Immigration Bureau Card off an individual who has
recently immigrated into the State.
45. Verify address
• Current official documentation/cards issued by the Revenue
Commissioners.
• Current official documentation/cards issued by the Department of
Social and Family Affairs.
• Instrument of a court appointment (such as liquidator or grant of
probate).
• Current local authority document e.g. refuse collection bill.
• Current statement of account from a credit or financial institution.
• Current utility bills (including those printed from the internet).
• Current household/motor insurance certificate and renewal notice
46. Legal persons and arrangements
Directors or the equivalent, for example: Partnerships and
unincorporated businesses, Clubs, Societies, Public Sector bodies.
Identification can generally be satisfied by either:
•obtaining a copy of the annual audited accounts listing directors (where
the necessary information is publicly accessible and considered by the
firm to be current and reliable); or
•Obtaining relevant and up-to-date legal opinion from a reliable source
documenting due diligence conducted, in relation to information on
directors:
obtaining information from relevant company or other registry
such as the CRO or known foreign equivalent; or
as warranted by the risk, verify one or more directors in line with
requirements for personal customers.
47. Legal persons and arrangements contd.
To identify the legal arrangement:
• A search of the relevant company or other registry (where the necessary
information is publicly accessible and considered by the firm to be current
and reliable); or
• A copy, as appropriate to the nature of the entity, of the certificate of
incorporation; a certificate of good standing; a partnership agreement; a
deed of trust or other official documentation proving the name, form and
current existence of the customer.
• In cases regarded by the firm as higher risk, use of more than one source
of information may be warranted.
48. Legal persons and arrangements contd.
2. Acquire prescribed information at the outset of the business
relationship to satisfy the additional information requirements:
a) Source of funds for the transaction e.g. an Irish bank account in own
name.
b) Employment and salary details - this information could be captured in
the Factfind.
c) Source of wealth (e.g. inheritance, divorce settlement, property sale).
This information should be captured on the source of wealth form.
49. Business Risk Assessment
•The firm must undertake and document a comprehensive business risk
assessment of the business, it should demonstrate that all potential
Money Laundering/Terrorist Financing risks pertinent to their business
have been fully considered and challenged such as :
The nature of the products being sold in the firm
The delivery mechanism or distribution channel used to sell the product
The profile of the customer
The customer’s geographical location and source of funds
•The outcome of the business risk assessment should inform the firm’s
risk-based approach and the design of AML/CTF controls.
50. Business Risk Assessment contd.
• The business risk assessment must be documented and must be
available to the relevant competent authority upon request.
• The business risk assessment must be reviewed and managed at
regular, predefined intervals and it must be approved by senior
management.
51. Business Risk Assessment contd.
• How the risk assessment affects customer due diligence
• In deciding the level of Customer Due Diligence (CDD) to be applied,
intermediaries, when undertaking a transaction/entering a business
relationship, must consider a number of factors, including:
the relevant business risk assessment,
the purpose of an account/relationship,
the level of assets deposited/the size of the transaction and
the regularity of transactions/duration of the business relationship
See BI Guidance notes for template Business Risk Assessment – Appendix 2
52. Ongoing Monitoring
• Monitoring means the scrutinising of transactions, and the source of
wealth or of funds for those transactions, undertaken during the
relationship in order to determine if the transactions are consistent
with the designated person’s knowledge of:
(a)the customer,
(b)the customer’s business and pattern of transactions, and
(c)the customer’s risk profile (as determined under section 30B),
and
ensuring that documents, data and information on customers are kept up
to date in accordance with its internal policies, controls and procedures
53. Ongoing Monitoring contd.
• Designated persons should undertake monitoring on an ongoing basis
for patterns of unusual or suspicious activity to ensure that higher risk
activity is scrutinised.
• “Complex or unusually large” transactions, or “unusual patterns of
transactions” must be investigated in greater detail and monitoring
increased if they appear suspicious.
54. Ongoing Monitoring contd.
• Employees should be adequately trained to identify such unusual
business and report to the designated person’s Money Laundering
Reporting Officer (MLRO) (insert firms MLRO name).
• For example, employee training should cover encashment fraud attempts
with the recent increase in encashment requests being made from client
emails to transfer funds to a particular account, where it transpired the
client had no knowledge of the encashment request.
• Where an encashment request is received, it is recommended to take
additional measures to ensure the request is genuine, for example:
Phone the client to confirm the details/instruction
Cross reference proof of ID and residency with existing proof of identity
and residency on file
55. Distribution Risk – may alter risk
“Face to Face” contact with no facility to take copies of ID
• Where the interaction with the customer is on a face to face basis, you
should have sight of the original document(s) and appropriate details
should be recorded. Where you visit the customer at his/her home
address, you should make a detailed record of the visit. This would include,
for example, taking details of passport or driving license numbers.
• Brokers Ireland recommends that in such scenarios, you request the
customer to forward you a copy of the relevant ID and cross reference it
with the details which were recorded at the point of sale.
56. Distribution Risk – may alter risk contd.
“Non face-to-face”
• The extent of the Customer Due Diligence in respect of non face-to-face
customers will depend on the type of the product or service requested and
the assessed money laundering risk presented by the customer.
• Where the customer is not physically present (e.g. by post, telephone or
over the internet) for identification purposes additional measures should
be undertaken to establish the customer’s identity.
57. Distribution Risk – may alter risk contd.
Examples:
• Telephone the customer on a home or business number which has been
verified (electronically or otherwise).
• Communicate at a verified address with account opening docs for
example, which might have to be returned or acknowledged .
• First payment by the customer through a bank in the State or other EU
Member State or certain specified acceptable countries.
• Internet sign on with details sent by mail to a verified address.
58. Failure to establish a customer and/or beneficial owner’s identity
Where an intermediary can not establish the identity of a customer and/or
beneficial owner, as a result of the failure of the customer to provide the
designated person with documents of information required, then an
intermediary must:
Not provide a service to the customer, and
If an existing customer, must discontinue relationship with the customer.
59. International Financial Sanctions
• It is necessary for firms to monitor their customers and transactions
against both the Europe Union(EU) and United Nations(UN) Sanctions
Committee lists relating to terrorism.
• Financial Sanctions lists that relate to terrorism should be monitored to
assist in preventing terrorist financing from occurring, including, but not
limited to the following:
• EU Financial Sanctions list
• UN Sanctions Committees list
60. Procedures and Policies
• Firms must adopt internal policies, controls and procedures in relation
to their business to prevent and detect the commission of money
laundering and terrorist financing. These requirements also apply to
persons to whom AML obligations have been outsourced.
• The internal policies, controls and procedures are to include:
(a) identification, assessment, mitigation and management of risk
factors relating to money laundering/terror financing
(b) customer due diligence measures
(c) monitoring transactions and business relationships
61. Procedures and Policies contd.
(d) the identification and scrutiny of complex/large transactions, unusual
patterns of transactions and any other activity that the designated person
has reasonable grounds to regard as particularly likely to be related to
money laundering/terrorist financing
(e) measures to be taken to prevent the use for money laundering or
terrorist financing of transactions or products that could favour or facilitate
anonymity,
(f) measures to be taken to prevent the risk of money laundering or
terrorist financing which may arise from technological developments,
(g) reporting (including the reporting of suspicious transactions),
62. Procedures and Policies contd.
(h) record keeping,
(i)measures to be taken to keep documents and information relating to the
customers of that designated person up to date,
(j) measures to be taken to keep documents and information relating to
risk assessments by that designated person up to date,
(k) internal systems and controls to identify emerging risks and keep
business-wide risk assessments up to date, and
(l)monitoring and managing compliance with, and the internal
communication of, these policies, controls and procedures.
63. Procedures and Policies contd.
• Policies, controls and procedures must be approved by senior
management and should be kept under review in particular when there
are changes to the business profile or risk profile of the firm.
• Firms must ensure that they have clearly defined process in place for
the formal review at least annually of the policies and procedures within
the firm.
• These policies, controls and procedures are to have regard to any
guidelines issued by the competent authority.
64. Procedures and Policies contd.
• Firms must ensure that persons involved in the conduct of the business
(this includes directors, other officers and employees) receive instruction
and training in respect of the law and on how to identify transactions or
other activity that may relate to money laundering or terrorist financing
(suspicious transactions) and how to proceed once identified.
• Firms should ensure that the policies and procedures are readily
available to all staff and are implemented and adhered to by all staff.
65. Procedures and Policies contd.
• This slide(s) should be personalised to outline the firms procedures
and policies
66. Management Responsibilities
The Central Bank recommends that the topic of AML/CTF is a recurring
agenda item at board/senior management/ownership level meetings. The
firm must ensure that AML/CFT/FS issues and decision making in relation
to AML/CFT/FS is evidenced in the firm’s board/management meeting
minutes. A copy of these board meeting minutes should be kept on file.
For Sole traders, record should be kept of issues and decisions made.
67. Record Keeping
• AML/CTF documents and other records relating to clients shall be kept
for a period of not less than five years*.
• Record keeping is an essential part of the evidence trail and sufficient
processes must be put in place to ensure that records are adequately
kept.
*You should note however that the Consumer Protection Code requires
records to be kept for 6 years from date of last transaction with client.
68. Record Keeping contd.
• Customer information collected to comply with the requirements of
Legislation; and
• Information regarding transactions undertaken by customers.
Possible formats in which records can be retained include one or more of
the following:
• Original documents
• Photocopies of original documents
• On microfiche
• In scanned form
• In computerised or electronic form
70. Requests from An Garda Síochána for client information/records
• For the purposes of providing information to the Garda Síochána this
must be requested in writing be a member of the force not below the
rank of Sergeant (who may give a direction, which must also be in
writing, to retain the documents/other related records for a period up
to a maximum of five years.
71. Staff Training
• Intermediaries must ensure that all staff receive on-going training in
relation to their AML and combating of terrorist financing obligations.
• Intermediaries should provide appropriate training which is tailored to
the nature, scale and complexity of the firm and which is proportionate
to the level of AML/CTF risk faced by the firm.
• Firms should provide AML/CTF training which is specific to the role
carried out by the member of staff.
• Firms should provide an enhanced AML/CTF training tailored to the
specific needs of staff who perform key AML/CTF and FS roles within
the firm e.g. the firms MLRO or senior management responsible for
AML/CTF oversight.
72. Staff Training contd.
• Training should be consistent with firms policies & procedures and
should consider the outcome of the firm’s business risk assessment.
• Failure by the employer to provide training is an offence under the
requirements.
• A formal training schedule should be developed and maintained to
ensure all relevant staff are adequately trained at least annually. Firms
should ensure that training is provided to new recruits upon joining the
firm in a timely manner.
• Adequate records in relation to staff training should be retained for all
internal & external courses attended for a period of 5 years
73. Reporting
• Requirement to have a documented internal reporting process for staff
to report a suspicious transaction - it should provide guidance on how to
complete and submit such reports.
• There should be documented timelines set by the brokerage in relation to
the filing of the Suspicious Transaction Reports (STR). Firms are required to
file an STR ‘as soon as practicable’.
• Staff reports must be made to the Money Laundering Reporting Officer
(MLRO) when the staff member knows, suspects or has reasonable
grounds to suspect that money laundering or terrorist financing is being or
has been committed or attempted
74. Reporting contd.
• Staff reports should include appropriate details of the customer who is
the subject of concern and a statement containing as much of the
information, giving rise to the knowledge or suspicion, as possible.
• All reports submitted via the internal reporting process should be
recorded.
• The MLRO will then decide whether to make the firm’s report to the FIU
via the goAML system and the Revenue Commissioners. Sufficient
information should be retained in order to record the reported suspicion,
and support the firms determination of whether to discount the suspicion
or to proceed and file the STR with authorities
75. Reporting contd.
* Presenter should provide practical examples of situations which staff
might encounter which would warrant a report.
• Firms should have written policies and procedures in relation to reporting
suspicions that may arise as a result of a failure on the part of the
customer to provide the required or updated CDD
documentation/information.
76. Reporting contd.
If the MLRO decides an external report needs to be made to the FIU via
the goAML system and the Revenue Commissioners. The following
information should be contained in the report:
a) The information on which the designated person’s knowledge,
suspicion or reasonable grounds are based;
b) The identity of the suspected person;
c) The whereabouts of the property that is the subject of the money
laundering or the funds that are the subject of the terrorist financing;
d) Any other relevant information.
77. Reporting contd.
• Firms should ensure that they are registered with goAML as STRs
cannot be submitted via go AML unless the firm has previously
registered.
• The Revenue Commissioner will accept a printed copy of the STR
submitted on goAML which should be posted to the relevant revenue
commissioners address.
78. Reporting contd.
• A designated person may be directed in writing by a member of the
Gardaí, not below the rank superintendent, not to carry out a specified
service or transaction for a period not exceeding seven days.
• A District Court judge may order a designated person not to carry out a
specified service or transaction for a period not exceeding 28 days.
79. Reporting contd.
• A designated person may only proceed with a suspicious transaction or
service prior to the sending of the report to the FIU and the Revenue
Commissioners where:
it is not practicable to delay or stop the transaction/service from
proceeding; or
the designated person is of the opinion that failure to proceed with the
transaction or service may result in the other person suspecting that a
report may be made or that an investigation may be commenced or is in
the course of being commenced.
80. Reporting contd.
• You must not disclose to the customer concerned or other third persons
that a report has been made to the FIU in relation to suspicions of
money laundering or terrorist financing.
• Designated persons, employees and directors are legally prohibited
from tipping off.
• Designated persons, employees and director are legally indemnified, in
respect of any report made to FIU or Revenue Commissioners in good
faith, in relation to a suspicion of money laundering of terrorist
financing.
81. Role of Money Laundering Reporting Officer (MLRO)
• Holds a pre-approval controlled function (PCF) in the context of the
Central Bank Reform Act 2010
• Has a significant degree of responsibility and should be familiar with
relevant aspects of the Act and these guidelines.
• He/she is required to determine whether the information or other
matters contained in the suspicious transaction he/she has received, via
any internal reporting procedure, merit the making of a report to the FIU
(Fraud Investigation Unit) and the Revenue Commissioners.
82. Role of Money Laundering Reporting Officer (MLRO) contd.
• Maintenance of a log of any suspicious transactions, including details
where it was decided not to make a report to FIU & Revenue
Commissioners. The reasons for not doing so should be recorded.
83. Powers of the Central Bank of Ireland
• The Central Bank of Ireland is deemed to be the competent authority
responsible for monitoring compliance of designated persons with the
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and
Criminal Justice (Money Laundering and Terrorist Financing) (Amendment)
Act 2018 .
• The Central Bank has the power under the Administrative Sanctions
Regime to sanction for failure to comply with the necessary obligations.
84. Powers of the Central Bank of Ireland contd.
October 2016 - Settlement with Ulster Bank Ireland DAC
The Central Bank identified significant failings in Ulster Bank Ireland’s
AML/CTF framework and procedures in respect of:
• governance and control of AML/CTF outsourcing
• assessment of AML/CTF risk specific to its business and the relevant
mitigating systems and controls
• identification and verification of existing customers (CDD) who predated
the Irish AML/CTF laws effected in May 1995 (pre-95 customers)
The Central Bank also identified areas of non-compliance in respect of
trade finance procedure manuals, adherence to internal procedures,
AML/CTF training of non-executive directors and reliance on third parties
in respect of CDD
85. Powers of the Central Bank of Ireland contd.
April 2017 - Settlement with Allied Irish Bank
The Central Bank identified 6 breach's of the CJA 2010 as a result of
significant failings in Bank of Ireland’s AML/CTF framework controls,
policies and procedures in respect of:
The breaches occurred after the enactment of the CJA 2010 in July
2010 and persisted on average for over three years.
They included AIB’s failure to:
Report suspicious transactions without delay to An Garda Síochána
and the Revenue Commissioners.
Conduct customer due diligence (‘CDD’) on existing customers who
had accounts prior to May 1995 (‘Pre-95 customers’)
86. Powers of the Central Bank of Ireland contd.
The Central Bank also identified breaches in respect of AIB’s
AML/CFT policies and procedures in a number of areas, including
the above, and its trade finance business.
87. Powers of the Central Bank of Ireland contd.
May 2017 - Settlement with Bank of Ireland
The Central Bank identified significant failings in Bank of Ireland’s
AML/CTF framework controls, policies and procedures in respect of:
• Risk assessment: assessment of money laundering/terrorist
financing (‘ML/TF’) risks specific to its business and the relevant
mitigating systems and controls.
• Suspicious transaction reports: reporting of six suspicious
transactions to An Garda Síochána and the Revenue Commissioners
without delay.
88. Powers of the Central Bank of Ireland contd.
May 2017 - Settlement with Bank of Ireland contd.
• Correspondent banking: conduct of enhanced customer due
diligence (‘CDD’) on one correspondent bank situated outside of the
EU.
• The Central Bank also identified areas of non-compliance with the
CJA 2010 in relation to BOI’s trade finance business, CDD measures
and its reliance on third parties to conduct CDD.
89. Feedback from Central Bank AML/CTF inspections
From the sample testing undertaken by the Central Bank of both new and
existing customers, a number of issues were identified, including:
- Photo ID and/or address verification documents were not always available
on the customer file.
For corporate customers, no constitutional documentation and/or other
information (e.g. audited accounts, information from Companies
Registration Office, etc.) were obtained for some of the customer files
reviewed.
Documented evidence to demonstrate that on-going monitoring takes
place was not always maintained.
90. Feedback from Central Bank AML/CTF inspections contd.
The Central Bank expects that:
All required identification and verification is obtained and retained. Where
Standard or Enhanced CDD is carried out, sufficient detail must be
evidenced on the customer file.
Records are maintained of the on-going monitoring conducted, including
the type of and frequency of the monitoring undertaken.
91. Feedback from Central Bank AML/CTF inspections contd.
A number of issues were identified in relation to training, including:
Insufficient evidence that all staff, including those in key roles relating to
AML/CTF, had received appropriate training.
Training records were not always maintained to demonstrate who had
received the training, when the training took place and the nature of the
training received.
In some of the larger retail intermediaries, staff members were provided
with generic, high level AML/CTF training, but limited or no specific
training related to the AML/CTF procedures and processes relating to the
firm’s specific operations.
92. Feedback from Central Bank AML/CTF inspections contd.
In assessing the policies and procedures in place, the Central Bank identified
a number of issues, including:
Policies and procedures that are not aligned to, and reflective of, the
Money Laundering/Terrorist Financing risk assessment of the retail
intermediary’s specific product/service offering and its operations.
Policies and procedures were not always adhered to in practice.
Policies and procedures did not provide sufficient detail in relation to
suspicious transaction reporting e.g. no timelines set in relation to the
filing of suspicious transaction reports and insufficient information
provided on what might be deemed a suspicious transaction.
93. Feedback from Central Bank AML/CTF inspections contd.
• The Central Bank also expects that retail intermediaries undertake and
document a Money Laundering/Terrorist Financing business risk assessment of
their business, to include all risk categories e.g. distribution channel, customer
type, etc.
• Such an assessment should be updated regularly and reflect any changes in
products or services offered e.g. new offerings with increased risk may require
Standard or Enhanced Customer Due Diligence to be carried out.
See template business risk assessment in Brokers Ireland AML/CTF Guidance
notes
94. Reference material
• Additional information available on Central Bank website:
https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-
the-financing-of-terrorism
• Please see Brokers Ireland guidance notes and templates on the Brokers
Ireland website