Ireland Ireland

New Documents

The Central Bank of Ireland publishes its annual report and annual performance statement for 2023.

Central Bank of Ireland Deputy Governor Derville Rowland delivered remarks on the introduction of a single anti-money laundering rulebook and the establishment of a central Anti-Money Laundering Authority.

News

Enforcement Actions

The regulator entered into a settlement agreement with the Dublin, Ireland-based bank requiring it to pay the fine for deficiencies in its anti-money laundering and counterterrorist financing program, including issues with risk assessment, correspondent banking and suspicious activities.

The Central Bank of Ireland fined the Dublin, Ireland-based financial institution €2,275,000 for breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010.


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 : 17 Substantial : 5
Partially Compliant : 6 Moderate : 6
Non-Compliant : 0 Low : 0

Ireland's technical compliance was re-rated in a Feb. 10, 2022 follow-up report

BASEL i

Rank : 24/110
Score : 4.45/10

TRANSPARENCY INTERNATIONAL i

Rank : 20/179
Score : 72/100

Tax Justice Network i

Rank : 29/133
Score : 48/100