Ireland

New Documents

The Central Bank of Ireland sent a letter addressed to CEOs regarding compliance by entities required to register under section 108A of the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2020.

The Central Bank of Ireland issued a consultation notice to seek feedback on its proposed enhancements to its Bank Client Asset Requirements, which set forth regulatory obligations for banks in safeguarding client assets, supervising client investments.

News

Enforcement Actions

The Central Bank of Ireland issued a reprimand and imposed a fine against the Dublin, Ireland-based brokerage firm for five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

The Central Bank of Ireland (CBI) fined the Dublin, Ireland-based firm for its breach of licensing requirements in relation to the failure to submit three operational risk returns to the regulator and failing to establish appropriate internal controls. The CBI found that the firm specifically failed to establish and maintain effective processes and controls to ensure […]


Important Facts

  • The U.S. State Department identifies Ireland as a jurisdiction of concern. The country continues to be a significant European financial hub, with a number of international banks and fund administration firms located in Dublin. Money laundering proceeds primarily stem from prostitution, cigarette smuggling, drug trafficking, diversion of subsidized fuel, domestic tax violations and welfare fraud. Money is often laundered through financial institutions, but criminals also use remittance companies, lawyers, accountants and used car dealerships. Other common money laundering schemes include the purchase of high value goods for cash, the transfer of funds from overseas through Irish credit institutions, the filtering of funds via complex company structures and the purchase of Irish and foreign real estate property. Customs authorities at times intercept cash being smuggled out of Ireland, likely the proceeds of drug trafficking, which is often intended for the purchase of drugs or other contraband for smuggling back to Ireland.
  • KYC Covered Entities:  Banks, building societies, the Post Office, stock brokers, credit unions, money exchangers, life insurance companies, insurance brokers, trust and company service providers, private gaming clubs, and lawyers
  • STR Covered Entities:  Banks, building societies, the Post Office, stock brokers, credit unions, money exchangers, life insurance companies, insurance brokers, trust and company service providers, private gaming clubs, and lawyers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 10 (2014); Convictions: 13 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 17 High : 0
Largely Compliant : 16 Substantial : 5
Partially Compliant : 7 Moderate : 6
Non-Compliant : 0 Low : 0

Ireland's technical compliance was re-rated in a Nov. 12, 2019 follow-up report

BASEL i

Rank : 106/141
Score : 4.46/10

TRANSPARENCY INTERNATIONAL i

Rank : 18/180
Score : 74/100

Tax Justice Network i

Rank : 29/133
Score : 48/100