Two Years After Enforcement Mandate, Ireland’s Central Bank Begins Turning Up AML Pressure

By Vanya Dragomanovich

Less than two years after the passage of an anti-money laundering law, Ireland's financial regulator has found broad compliance problems at banks and other businesses, according to a regulatory official. Since 2010, the Central Bank of Ireland has had the power to administer and enforce regulations under the Criminal Justice Act, a law designed to bring Ireland's anti-money laundering (AML) regime in line with the European Union's Third Money Laundering Directive. Central bank officials said that they have focused their oversight on institutions deemed to be most at risk to financial crime. In June, the regulator handed down its first-ever...