Following significant engagement with the Central Bank of Ireland, the IFIA, on 18 December, finalised industry specific anti-money laundering guidelines for the funds industry (the Guidelines). The Guidelines provide industry specific guidance in relation to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 – 2013 (the Acts).
While the Guidelines are to be read in conjunction with the published Core Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (dated February 2012) and the Acts, the Central Bank has advised that it will have regard to the Guidelines, while they are current, in assessing compliance with the Acts by designated persons in the funds sector.
It should however be noted that the Guidelines do not constitute secondary legislation and designated persons should always refer directly to the Acts when ascertaining their statutory obligations. The Guidelines are subordinate to the Acts and to the Core Guidelines.
Contributed by Daniel Morrissey