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2018 CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) ACT 2018 CONTENTS PART 1 Preliminary and General 1. Short title, commencement and collective citation 2. Definitions PART 2 Amendment

Act

2010 3. Amendment

section 2

Act

2010 4. Amendment

section 24

Act

2010 5. Amendment

section 25

Act

2010

1. Beneficial owner in relation to bodies corporate
2. Amendment

section 27

Act

2010 8. Amendment

section 28

Act

2010 9. Amendment

section 30

Act

2010

1. Risk assessment by designated persons
2. Amendment

section 33

Act

2010

1. Electronic money derogation
2. Simplified customer due diligence
3. Amendment

section 35

Act

2010 15. Examination

background and purpose

certain transactions 16. Amendment

section 37

Act

2010

1. Correspondent relationships with third-country respondent institutions
2. Enhanced customer due diligence - high-risk third countries
3. Enhanced customer due diligence in cases

heightened risk 20. Amendment

section 40

Act

2010 21. Functions

State Financial Intelligence Unit 22. Amendment

section 42

Act

2010 23. Amendment

section 44

Act

2010 24. Amendment

section 51

Act

2010 25. Amendment

section 52

Act

2010

1. Internal policies, controls and procedures
2. Amendment

section 55

Act

2010 28. Amendment

section 56

Act

2010

1. Group-wide policies and procedures
2. Additional measures where implementation

policies and procedures is not possible

1. Relationships between certain institutions and shell banks
2. Amendment

section 62

Act

2010

1. Defence
2. Obligation for certain designated persons to register with Central Bank

Ireland 35. Managers and beneficial owners

private members’ clubs - certificates

fitness 36. Prescribed amounts under section 33AQ

Central Bank Act 1942 in respect

certain contraventions 37. Amendment

Schedule 2 to Act

2010 38. List

factors which suggest potentially lower risk 39. List

factors which suggest potentially higher risk

1. Repeals PART 3 Consequential Amendments
2. Consequential amendments Acts Referred to Central Bank Act 1942 (No. 22) Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6) Criminal Justice (Theft and Fraud

fences) Act 2001 (No. 50) Criminal Justice Act 2013 (No. 19) Freedom

Information Act 2014 (No. 30) Gaming and Lotteries Acts 1956 to 2013 Investment Intermediaries Act 1995 (No. 11) Investor Compensation Act 1998 (No. 37) Taxes Consolidation Act 1997 (No. 39) Number 26

2018 CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) ACT 2018 An Act to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to give effect to certain provisions

Directive (EU) 2015/849

the European Parliament and

the Council

20 May 20151 on the prevention

the use

the financial system for the purposes

money laundering or terrorist financing, amending Regulation (EU) 648/2012

the European Parliament and

the Council, and repealing Directive 2005/60/EC

the European Parliament and

the Council and Commission Directive 2006/70/EC, and to provide for related matters. [14th November , 2018] Be it enacted by the Oireachtas as follows: PART 1 Preliminary and General Short title, commencement and collective citation 1.

2010” means Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ; “Act

2013” means Criminal Justice Act 2013 . PART 2 Amendment

Act

2010 Amendment

section 2

Act

2010 3. Section 2

the Act

2010 is amended— (a) in subsection

the definition

“Implementing Directive”, and (ii) by the insertion

the following definition before the definition

“Minister”: “ ‘Fourth Money Laundering Directive’ means Directive (EU) 2015/849

the European Parliament and

the Council

20 May 20152 on the prevention

the use

the financial system for the purposes

money laundering or terrorist financing, amending Regulation (EU) No 648/2012

the European Parliament and

the Council, and repealing Directive 2005/60/EC

the European Parliament and

the Council and Commission Directive 2006/70/EC;”, and (b) by the substitution

the following subsection for subsection

section 24

Act

2010 4. Section 24

the Act

2010 is amended— (a) by the insertion

the following definitions after the definition

“business relationship”: “ ‘business risk assessment’ has the meaning given to it by section 30A; ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013

the European Parliament and

the Council

26 June 20133 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; ‘collective investment undertaking’ means— (a) an undertaking for collective investment in transferable securities authorised in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352

2011 ) or otherwise in accordance with the Directive

2009, (b) an alternative investment fund within the meaning

the European Union (Alternative Investment Fund Managers) Regulations 2013 ( S.I. No. 257

2013 ), (c) a management company authorised in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 or otherwise in accordance with the Directive

2009, or (d) an alternative investment fund manager within the meaning

the European Union (Alternative Investment Fund Managers) Regulations 2013;”, (b) by the insertion

the following definition after the definition

“competent authority”: “ ‘correspondent relationship’ means— (a) the provision

banking services by one bank as the correspondent to another bank as the respondent, including providing a current or other liability account and related services, such as cash management, international funds transfers, cheque clearing, payable-through accounts and foreign exchange services, or (

1. b)the relationships between and among credit institutions and financial institutions including where similar services are provided by a correspondent institution to a respondent institution, and including relationships established for securities transactions or funds transfers;”, (
2. c)in the definition

“credit institution” by the substitution

the following paragraph for paragraph (a): “(a) a credit institution within the meaning

point

Article 4

the Capital Requirements Regulation, or”, (d) by the insertion

the following definition after the definition

“designated person”: “ ‘Directive

2009’ means Directive 2009/65/EC

the European Parliament and

the Council

13 July 20094 on the coordination

laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);”, (e) by the insertion

the following definition after the definition

“EEA State”: “ ‘electronic money’ means electronic money within the meaning

the European Communities (Electronic Money) Regulations 2011 ( S.I. No. 183

2011 );”, (f) by the deletion

the definition

“Electronic Money Directive”, (g) by the substitution

the following definition for the definition

“financial institution”: “ ‘financial institution’ means— (a) an undertaking that carries out one or more

the activities set out at reference numbers 2 to 12, 14 and 15

the Schedule to the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158

2014 ) or foreign exchange services, but does not include an undertaking— (i) that does not carry out any

the activities set out at those reference numbers other than one or more

the activities set out at reference number 7, and (ii) whose only customers (if any) are members

the same group as the undertaking, (b) an insurance undertaking within the meaning

Regulation 3

the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485

2015 ), in so far as it carries out life assurance activities, (c) a person, other than a person falling within Regulation 4

the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375

2017 ), whose regular occupation or business is— (i) the provision to other persons, or the performance,

investment services and activities within the meaning

those Regulations, or (ii) bidding directly in auctions in accordance with Commission Regulation (EU) No 1031/2010

12 November 20105 on the timing, administration and other aspects

auctioning

greenhouse gas emission allowances pursuant to Directive 2003/87/EC

the European Parliament and

the Council establishing a scheme for greenhouse gas emission allowances trading within the Community on behalf

its clients, (d) an investment business firm within the meaning

the Investment Intermediaries Act 1995 (other than a non-life insurance intermediary within the meaning

that Act), (e) a collective investment undertaking that markets or otherwise

fers its units or shares, (f) an insurance intermediary within the meaning

the Insurance Mediation Directive (other than a tied insurance intermediary within the meaning

that Directive) that provides life assurance or other investment-related services, or (g) An Post, in respect

any activity it carries out, whether as principal or agent— (i) that would render it, or a principal for whom it is an agent, a financial institution as a result

the application

any

the foregoing paragraphs, (ii) that is set out at reference number 1 in the Schedule to the European Union (Capital Requirements) Regulations 2014, or (iii) that would render it, or a principal for whom it is an agent, an investment business firm within the meaning

the Investment Intermediaries Act 1995 (other than a non-life insurance intermediary within the meaning

that Act) if section 2

that Act did not apply;”, (h) by the substitution

the following definition for the definition

“group”: “ ‘group’ means a group

undertakings which consists

a parent undertaking, its subsidiaries, and the entities in which the parent undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship within the meaning

Article 22

Directive 2013/34/EU

the European Parliament and

the Council

26 June 20136 on the annual financial statements and related reports

certain types

undertakings, amending Directive 2006/43/EC

the European Parliament and

the Council and repealing Council Directives 78/660/EEC and 83/349/EEC;”, (i) by the insertion

the following definition after the definition

“group”: “ ‘high-risk third country’ means a jurisdiction identified by the European Commission in accordance with Article 9

the Fourth Money Laundering Directive;”, (j) by the deletion

the definition

“Life Assurance Consolidation Directive”, (k) by the insertion

the following definitions after the definitions

“member”: “ ‘monitoring’, in relation to a business relationship between a designated person and a customer, means the designated person, on an ongoing basis— (a) scrutinising transactions, and the source

wealth or

funds for those transactions, undertaken during the relationship in order to determine if the transactions are consistent with the designated person’s knowledge

— (

1. i)the customer, (
2. ii)the customer’s business and pattern

transactions, and (iii) the customer’s risk profile (as determined under section 30B), and (b) ensuring that documents, data and information on customers are kept up to date in accordance with its internal policies, controls and procedures adopted in accordance with section 54; ‘national risk assessment’ means the assessment carried out by the State in accordance with paragraph 1

Article 7

the Fourth Money Laundering Directive;”, (l) in the definition

“occasional transaction”— (i) by the substitution

the following paragraph for paragraph (b): “(b) in a case where the transaction concerned consists

a transfer

funds (within the meaning

Regulation (EU) No. 2015/847

the European Parliament and

the Council

20 May 20157 ) that the amount

money to be transferred is in aggregate not less than €1,000,”, (ii) by the insertion

the following paragraph after paragraph (b): “(bb) in a case where the designated person concerned is a person referred to in section 25

“(a), (

1. b)or (bb)” for “(
2. a)or (b)”, (
3. m)by the substitution

the following definition for the definition

“public body”: “ ‘public body’ means an FOI body within the meaning

the Freedom

Information Act 2014 ;”, (n) by the deletion

the definition

“Recast Banking Consolidation Directive”, (o) by the substitution

the following definition for the definition

“regulated market”: “ ‘regulated market’ means— (a) a regulated market with the meaning

point

Article 4

Directive 2014/65/EU

the European Parliament and

the Council

15 May 20148 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, located within the EEA, or (

1. b)a regulated market that subjects companies whose securities are admitted to trading to disclosure obligations which are equivalent to the following: (
2. i)disclosure obligations set out in Articles 17 and 19

Regulation (EU) No. 596/2014

the European Parliament and

the Council

16 April 20149 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC

the European Parliament and

the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, (ii) disclosure obligations consistent with Articles 3, 5, 7, 8, 10, 14 and 16

Directive 2003/71/EC

the European Parliament and

the Council

4 November 200310 on the prospectuses to be published when securities are

fered to the public or admitted to trading and amending Directive 2001/34/EC, (iii) disclosure obligations consistent with Articles 4 to 6, 14, 16 to 19 and 30

Directive 2004/109/EC

the European Parliament and

the Council

15 December 200411 on the harmonisation

transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, and (

1. iv)disclosure requirements consistent with EU legislation made under the provisions mentioned in subparagraphs (
2. i)to (iii);”, (
3. p)by the insertion

the following definition after the definition

“relevant professional adviser”: “ ‘senior management’ means an

ficer or employee with sufficient knowledge

the institution’s money laundering and terrorist financing risk exposure and sufficient seniority to take decisions affecting its risk exposure, and need not, in all cases, be a member

the board

directors;”, and (q) by the insertion

the following definition after the definition

“transaction”: “ ‘transferable securities’ means transferable securities within the meaning

the European Union (Markets in Financial Instruments) Regulations 2017;”. Amendment

section 25

Act

2010 5. Section 25

the Act

2010 is amended— (a) in subsection

the following paragraph for paragraph (d): “(

1. d)subject to subsection (1A), a relevant independent legal professional,”, (
2. ii)in paragraph (i)— (I) by the insertion

“or by the person” after “to the person”, and (II) by the substitution

“€10,000” for “€15,000”, and (b) by the insertion

the following subsection after subsection

the services specified in the definition

‘relevant independent legal professional’ in section 24

2010 is amended by the substitution

the following for section 26: “26. In this Part, ‘beneficial owner’, in relation to a body corporate, has the meaning given to it by point

Article 3

the Fourth Money Laundering Directive.”. Amendment

section 27

Act

2010 7. Section 27

the Act

2010 is amended in paragraph (b) by the substitution

“controls” for “exercises control over the management

”. Amendment

section 28

Act

2010 8. Section 28

the Act

2010 is amended— (a) by the deletion

subsection

“at least 25 per cent

”, (ii) in paragraph (c), by the substitution

“the trust;” for “the trust.”, and (iii) by the insertion

the following paragraphs after paragraph (c): “(

1. d)the settlor; (
2. e)the trustee; (
3. f)the protector.”. Amendment

section 30

Act

2010 9. Section 30

the Act

2010 is amended— (a) in subsection

“at least 25 per cent

”, (ii) in paragraph (c)— (I) by the deletion

“at least 25 per cent

”, and (II) by the substitution

“or arrangement,” for “or arrangement.”, and (iii) by the insertion

the following paragraph after paragraph (c): “(

1. d)any person holding a position, in relation to the legal entity or legal arrangement that is similar or equivalent to the position specified in paragraphs (
2. d)to (f)

section 28

subsection

Part 4

the Act

2010: “Chapter 1A Risk assessment by designated persons Business risk assessment by designated persons 30A.

money laundering and terrorist financing involved in carrying on the designated person’s business activities taking into account at least the following risk factors: (a) the type

customer that the designated person has; (

1. b)the products and services that the designated person provides; (
2. c)the countries or geographical areas in which the designated person operates; (
3. d)the type

transactions that the designated person carries out; (

1. e)the delivery channels that the designated person uses; (
2. f)other prescribed additional risk factors.

relevance to all designated persons or a particular class

designated persons

which the designated person is a member; (

1. b)any guidance on risk issued by the competent authority for the designated person; (
2. c)where the designated person is a credit institution or financial institution, any guidelines addressed to credit institutions and financial institutions issued by the European Banking Authority, the European Securities and Markets Authority or the European Insurance and Occupational Pensions Authority in accordance with the Fourth Money Laundering Directive.

the Fourth Money Laundering Directive that an individual documented risk assessment is not required and notifies the designated person.

a business risk assessment available, on request, to the competent authority for that designated person.

money laundering or terrorist financing.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment to a fine or imprisonment not exceeding 5 years (or both). Application

risk assessment in applying customer due diligence 30B.

determining the extent

measures to be taken under subsections

section 33 and subsections

section 35 a designated person shall identify and assess the risk

money laundering and terrorist financing in relation to the customer or transaction concerned, having regard to— (

1. a)the relevant business risk assessment, (
2. b)the matters specified in section 30A

an account or relationship; (ii) the level

assets to be deposited by a customer or the size

transactions undertaken; (iii) the regularity

transactions or duration

the business relationship; (

1. iv)any additional prescribed risk variable, (
2. d)the presence

any factor specified in Schedule 3 or prescribed under section 34A suggesting potentially lower risk, (e) the presence

any factor specified in Schedule 4, and (f) any additional prescribed factor suggesting potentially higher risk.

the designated person and the need to accurately identify and assess the risks

money laundering or terrorist financing, so directs.

subsection

designated persons for whom it is the competent authority to document a determination in writing.

money laundering or terrorist financing.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment to a fine or imprisonment not exceeding 5 years (or both).”. Amendment

section 33

Act

2010 11. Section 33

the Act

2010 is amended— (a) in subsection

“subsection

“customer,” for “customer.”, (c) by the insertion

the following paragraph after subsection

a customer have changed, where the risk

money laundering and terrorist financing warrants their application.”, (d) in subsection

“, in accordance with section 30B,” after “The measures that shall be applied”, (e) by the insertion

the following subsection after subsection

the customer is so authorised and identify and verify the identity

that person in accordance with subsection

subsection

“subsection

“a credit institution or financial institution may allow an account, including an account that permits transactions in transferable securities, to be opened with it” for “a credit institution may allow a bank account to be opened with it”, and (ii) by the substitution

“subsection

the following subsections for subsection

life assurance and other investment-related assurance policies. (7A) As soon as the beneficiaries

life assurance and other investment-related assurance policies are identified or designated, a credit institution or financial institution shall— (a) take the names

beneficiaries that are identified as specifically named persons or legal arrangements, and (b) in the case

beneficiaries designated by characteristics, class or other means, obtain sufficient information to satisfy the institution that it will be able to establish the identity

the beneficiary at the time

the payout. (7B) A credit institution or financial institution shall verify the identity

a beneficiary referred to in paragraph (a) or (b)

subsection (7A) at the time

the payout in accordance with subsection

assignment, in whole or in part,

a policy

life assurance or other investment-related assurance to a third party, a credit institution or financial institution that is aware

the assignment shall identify the beneficial owner at the time

the assignment to the natural or legal person, or legal arrangement, receiving for his or her, or its, own benefit the value

the policy assigned. (7D) In addition to the measures required in relation to a customer and a beneficial owner, in the case

beneficiaries

trusts or

similar legal arrangements that are designated by particular characteristics or class, a designated person shall obtain sufficient information concerning the beneficiary to satisfy the designated person that it will be able to establish the identity

the beneficiary at the time

the payout or at the time

the exercise by the beneficiary

its vested rights.”, (j) in subsection

— (i)“Subject to subsection (8A), a designated person” for “A designated person”, and (ii)“subsection

the following: “(8A) Nothing in subsection

a person, or (b) performing the task

defending or representing a person in, or in relation to, civil or criminal proceedings, including providing advice on instituting or avoiding such proceedings.”, (l) in subsection

“A designated person” for “Except as provided by section 34, a designated person”, and (m) by the deletion

subsection

2010 is amended by the insertion

the following section after section 33: “33A.

section 33, or section 35, with respect to electronic money if— (

1. a)the payment instrument concerned— (
2. i)is not reloadable, or (
3. ii)cannot be used outside

the State and has a maximum monthly payment transactions limit not exceeding €250, (

1. b)the monetary value that may be stored electronically on the payment instrument concerned does not exceed— (
2. i)€250, or (
3. ii)where the payment instrument cannot be used outside the State, €500, (
4. c)the payment instrument concerned is used exclusively to purchase goods and services, (
5. d)the payment instrument concerned cannot be funded with anonymous electronic money, (
6. e)the issuer

the payment instrument concerned carries out sufficient monitoring

the transactions or business relationship concerned to enable the detection

unusual or suspicious transactions, and (f) the transaction concerned is not a redemption in cash or cash withdrawal

the monetary value

the electronic money

an amount exceeding €100.

2010 is amended by the insertion

the following section after section 34: “34A.

money laundering or terrorist financing in relation to a business relationship or transaction where the designated person— (a) identifies in the relevant business risk assessment, an area

lower risk into which the relationship or transaction falls, and (b) considers that the relationship or transaction presents a lower degree

risk.

identifying an area

lower risk a designated person shall have regard to— (a) the matters specified in section 30A

any factor specified in Schedule 3, and (c) any additional prescribed factor suggesting potentially lower risk.

the reasons for its determination and the evidence on which it was based, and (b) carry out sufficient monitoring

the transactions and business relationships to enable the designated person to detect unusual or suspicious transactions.

those factors suggests a potentially lower risk

money laundering or terrorist financing.

subsection

risk if a reasonable person having regard to the matters specified in paragraphs (a) to (f)

section 30B

risk

money laundering or terrorist financing.”. Amendment

section 35

Act

2010 14. Section 35

the Act

2010 is amended— (a) in subsection

“Subject to section 33(8A), a designated person” for “A designated person”, and (b) by the substitution

the following for subsection

money laundering or terrorist financing.”. Examination

background and purpose

certain transactions 15. The Act

2010 is amended by the insertion

the following section after section 36: “36A.

all complex or unusually large transactions, and all unusual patterns

transactions, which have no apparent economic or lawful purpose.

monitoring

a business relationship in order to determine whether transactions referred to in subsection

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Amendment

section 37

Act

2010 16.

the Act

2010 is amended— (a) by the substitution

the following subsection for subsection

a life assurance policy or other investment-related assurance policy, or a beneficial owner

the beneficiary, is a politically exposed person or an immediate family member, or a close associate,

a politically exposed person.”, (b) by the substitution

the following subsection for subsection

the customer or assisting the customer to carry out an occasional transaction, and (b) in relation to a person mentioned in subsection

the policy, or (ii) at the time

the assignment, in whole or in part,

the policy.”, (c) in subsection

“, or beneficiary” after “the customer”, (d) in subsection

“residing in a place outside the State”, and (ii) by the substitution

the following paragraph for paragraph (c): “(c) in addition to measures to be applied in accordance with section 35

the business relationship with the customer.”, (e) in subsection

“or financial institution” after “a credit institution”, (f) in subsection

“residing in a place outside the State, and”, (g) by the insertion

the following subsection after subsection

a life assurance or other investment-related assurance policy, or a beneficial owner

the beneficiary concerned, is a politically exposed person, or an immediate family member or a close associate

a politically exposed person, and that, having regard to section 39, there is a higher risk

money laundering or terrorist financing, it shall— (a) inform senior management before payout

policy proceeds, and (b) conduct enhanced scrutiny

the business relationship with the policy holder.”, (h) in subsection

“subsections

“specified

ficial” in subsection

“or

a similar legislative body” after “a member

parliament”, (ii) by the insertion after paragraph (b)

the following paragraph: “(bb) a member

the governing body

a political party;”, and (iii) by the substitution for paragraph (e)

the following paragraphs: “(e) an ambassador, chargé d’affairs or high-ranking

ficer in the armed forces; (f) a director, deputy director or member

the board

, or person performing the equivalent function in relation to, an international organisation.”. Correspondent relationships with third-country respondent institutions 17. The Act

2010 is amended by the substitution

the following section for section 38: “38.

the business

the respondent institution, (b) is satisfied on reasonable grounds, based on publicly available information, that the reputation

the respondent institution, and the quality

supervision or monitoring

the operation

the respondent institution in the place, are sound, (

1. c)is satisfied on reasonable grounds, having assessed the anti-money laundering and anti-terrorist financing controls applied by the respondent institution, that those controls are sound, (
2. d)has ensured that approval has been obtained from the senior management

the institution, (e) has documented the responsibilities

each institution in applying anti-money laundering and anti-terrorist financing controls to customers in the conduct

the correspondent relationship and, in particular— (i) the responsibilities

the institution arising under this Part, and (ii) any responsibilities

the respondent institution arising under requirements equivalent to those specified in the Fourth Money Laundering Directive, and (f) in the case

a proposal that customers

the respondent institution have direct access to a payable-through account held with the institution in the name

the respondent institution, is satisfied on reasonable grounds that the respondent institution— (i) has identified and verified the identity

those customers, and is able to provide to the institution, upon request, the documents (whether or not in electronic form) or information used by the institution to identify and verify the identity

those customers, (ii) has applied measures equivalent to the measure referred to in section 35

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Enhanced customer due diligence - high-risk third countries 18. The Act

2010 is amended by the insertion

the following section after section 38: “38A.

the business relationship, to manage and mitigate the risk

money laundering and terrorist financing, additional to those specified in this Chapter, when dealing with a customer established or residing in a high-risk third country.

a designated person and is located in a high-risk third country, (

1. b)the designated person referred to in paragraph (
2. a)is established in a Member State, and (
3. c)the branch or majority-owned subsidiary referred to in paragraph (
4. a)is in compliance with the group-wide policies and procedures

the group

which it is a member adopted in accordance with Article 45

the Fourth Money Laundering Directive.

money laundering or terrorist financing in relation to the business relationship or transaction concerned, having regard to section 30B, and (b) apply customer due diligence measures specified in this Chapter to the extent reasonably warranted by the risk

money laundering or terrorist financing.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Enhanced customer due diligence in cases

heightened risk 19. The Act

2010 is amended by the substitution

the following section for section 39: “39.

money laundering or terrorist financing, additional to those specified in this Chapter, to a business relationship or transaction that presents a higher degree

risk.

subsection

risk if a reasonable person having regard to the matters specified in paragraphs (a) to (f)

section 30B

money laundering or terrorist financing.

those factors suggests a potentially higher risk

money laundering or terrorist financing.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Amendment

section 40

Act

2010 20. Section 40

the Act

2010 is amended— (a) in subsection

“the Fourth Money Laundering Directive, in accordance with Section 2

Chapter VI

that Directive” for “the Third Money Laundering Directive in accordance with Section 2

Chapter V

that Directive,”, (ii) by the deletion

“or” after paragraph (b), (iii) in paragraph (c)— (I) by the substitution

“a place (other than a Member State) which is not a high-risk third country” for “a place designated under section 31”, (II) by the substitution

“the Fourth Money Laundering Directive” for “the Third Money Laundering Directive”, (III) in subparagraph (iii), by the substitution

“the place, or” for “the place.”, (iv) by the insertion

the following paragraph after paragraph (c): “(d) a person who carries on business in a high-risk third country, is a branch or majority-owned subsidiary

an obliged entity established in the Union, and fully complies with group-wide policies and procedures in accordance with Article 45

the Fourth Money Laundering Directive and is— (i) a credit institution authorised to operate as a credit institution under the laws

the place, (ii) a financial institution (other than an undertaking that is a financial institution solely because the undertaking provides either foreign exchange services or payment services, or both) authorised to operate as a financial institution under the laws

the place, or (iii) an external accountant, auditor, tax adviser, legal professional or trust or company service provider subject to mandatory professional registration or mandatory professional supervision under the laws

the place.”, (b) by the insertion

the following subsection after subsection

paragraphs (b) and (c)

subsection

those paragraphs, a person is supervised or monitored for compliance with the requirements specified in the Fourth Money Laundering Directive, in accordance with Section 2

Chapter VI

, or requirements equivalent to those requirements, where— (a) the person and the designated person seeking to rely upon this section are part

the same group, (b) the group applies customer due diligence and record keeping measures and policies and procedures to prevent and detect the commission

money laundering and terrorist financing in accordance with the Fourth Money Laundering Directive or requirements equivalent to those specified in the Fourth Money Laundering Directive, and (c) the effective implementation

the requirements referred to in paragraph (b) is supervised at group level by a competent authority

the state where the parent company is incorporated.”, and (c) in subsection

“the designated person is satisfied that the circumstances specified in paragraphs (a) to (c)

subsection (1A) exist, or” for “the designated person is satisfied,”. Functions

State Financial Intelligence Unit 21. Part 4

the Act

2010 is amended by the insertion

the following Chapter after Chapter 3: “Chapter 3A State Financial Intelligence Unit 40A.

the State, all the functions

an EU Financial Intelligence Unit (FIU) under the Fourth Money Laundering Directive.

the Garda Síochána, or members

the civilian staff

the Garda Síochána, appointed by the Commissioner

the Garda Síochána in that behalf. Powers

FIU Ireland to receive and analyse information 40B.

preventing, detecting and investigating possible money laundering or terrorist financing.

conducting— (a) an operational analysis which focuses on individual cases and specific targets or on appropriate selected information depending on the type and volume

the disclosures received and the expected use

the information after dissemination, and (b) a strategic analysis addressing money laundering and terrorist financing trends and patterns. Powers

certain members

FIU Ireland to obtain information 40C.

the Garda Síochána who is a member

FIU Ireland shall have access to the central registers established by the State for the purposes

paragraph

Article 30and paragraph

Article 31

the Fourth Money Laundering Directive.

the Garda Síochána who is a member

FIU Ireland may, for the purposes

preventing, detecting, investigating or combating money laundering or terrorist financing request any person to provide FIU Ireland with information held by that person under any enactment giving effect to paragraph

Article 30or paragraph

Article 31

the Fourth Money Laundering Directive.

the Garda Síochána who is a member

FIU Ireland may make a request in writing for any financial, administrative or law enforcement information that FIU Ireland requires in order to carry out its functions from any

the following: (

1. a)a designated person; (
2. b)a competent authority; (
3. c)the Revenue Commissioners; (
4. d)the Minister for Employment Affairs and Social Protection.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment to a fine not exceeding €500,000 or imprisonment not exceeding 3 years (or both). Power

FIU Ireland to respond to requests for information from competent authorities 40D.

its analyses and any additional relevant information to a person mentioned in subsection

such information would have a negative impact on ongoing investigations or analyses, or, in exceptional circumstances, where disclosure

the information would be clearly disproportionate to the legitimate interests

a natural or legal person or irrelevant with regard to the purposes for which it has been requested. Power

FIU Ireland to share information 40E.

Section 3

Chapter VI

the Fourth Money Laundering Directive.

section 40C, to a competent authority or to another FIU.”. Amendment

section 42

Act

2010 22. Section 42

the Act

2010 is amended— (a) in subsection

“FIU Ireland” for “the Garda Síochána”, (b) in subsection

“FIU Ireland” for “the Garda Síochána”, and (c) by the insertion

the following subsection after subsection

section 44

Act

2010 23. Section 44

the Act

2010 is amended by the deletion

“or 43” in both places where it occurs. Amendment

section 51

Act

2010 24. Section 51

the Act

2010 is amended— (a) by the substitution

the following subsection for subsection

fence under section 49, in relation to a disclosure, for the person to prove that, at the time

the disclosure— (a) the person was a credit institution or financial institution or a majority-owned subsidiary, or a branch,

a credit institution or financial institution, or made the disclosure on behalf

a credit institution or a financial institution or a majority-owned subsidiary, or a branch,

a credit institution or financial institution, (b) the disclosure was to a credit institution or a financial institution or a majority-owned subsidiary, or a branch,

a credit institution or financial institution, (

1. c)the institution to which the disclosure was made was situated in a Member State or a country other than a high-risk third country, (
2. d)both the institution making the disclosure, or on whose behalf the disclosure was made, and the institution to which it was made belonged to the same group, and (
3. e)both the institutions referred to in paragraph (
4. d)were in compliance with group-wide policies and procedures adopted in accordance with section 54 or, as the case may be, Article 45

the Fourth Money Laundering Directive.”, and (b) in subsection

“or in a country other than a high-risk third country” for “or in a place designated under section 31”. Amendment

section 52

Act

2010 25. Section 52

the Act

2010 is amended by the substitution

“a country other than a high-risk third country” for “a place designated under section 31”. Internal policies, controls and procedures 26. The Act

2010 is amended by the substitution

the following section for section 54: “54.

money laundering and terrorist financing.

the designated person under this Part.

risk factors relating to money laundering or terrorist financing, (

1. b)customer due diligence measures, (
2. c)monitoring transactions and business relationships, (
3. d)the identification and scrutiny

complex or large transactions, unusual patterns

transactions that have no apparent economic or visible lawful purpose and any other activity that the designated person has reasonable grounds to regard as particularly likely, by its nature to be related to money laundering or terrorist financing, (e) measures to be taken to prevent the use for money laundering or terrorist financing

transactions or products that could favour or facilitate anonymity, (f) measures to be taken to prevent the risk

money laundering or terrorist financing which may arise from technological developments including the use

new products and new practices and the manner in which services relating to such developments are delivered, (g) reporting (including the reporting

suspicious transactions), (

1. h)record keeping, (
2. i)measures to be taken to keep documents and information relating to the customers

that designated person up to date, (

1. j)measures to be taken to keep documents and information relating to risk assessments by that designated person up to date, (
2. k)internal systems and controls to identify emerging risks and keep business-wide risk assessments up to date, and (
3. l)monitoring and managing compliance with, and the internal communication

, these policies, controls and procedures.

the designated person.

the designated person’s business are— (

1. a)instructed on the law relating to money laundering and terrorist financing, and (
2. b)provided with ongoing training on identifying a transaction or other activity that may be related to money laundering or terrorist financing, and on how to proceed once such a transaction or activity is identified.

ficer’) to monitor and manage compliance with, and the internal communication

, internal policies, controls and procedures adopted by the designated person under this section if directed in writing to do so by the competent authority for that designated person.

senior management with primary responsibility for the implementation and management

anti-money laundering measures in accordance with this Part if directed in writing to do so by the competent authority for that designated person.

the internal policies, controls and procedures outlined in this section if directed in writing to do so by the competent authority for that designated person.

the designated person under this Part includes a reference to directors and other

ficers, and employees,

the designated person.

another designated person.

subsection

the designated person, it is appropriate to do so.

designated persons for whom it is the competent authority for the purposes

subsection

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Amendment

section 55

Act

2010 27. Section 55

the Act

2010 is amended— (a) in subsection

“correspondent relationship” for “correspondent banking relationship”, (b) in subsection

the Act

2013), by the substitution

“Subject to subsections (4A), (4B) and (4C), the documents and other records” for “The documents and other records”, (c) in subsection

“correspondent relationship” for “correspondent banking relationship”, (d) by the insertion after subsection

the following subsections: “(4A) Where a member

the Garda Síochána not below the rank

Sergeant having carried out a thorough assessment

the necessity and proportionality

further retention is satisfied— (a) that certain documents or records, or documents or records relating to a certain business relationship or occasional transaction, are required for the purposes

an investigation related to money laundering or terrorist financing, or (b) notwithstanding the fact that a decision to institute proceedings against a person may not have been taken, that the documents or records are likely to be required for the prosecution

an

fence

money laundering or terrorist financing, the member may give a direction in writing to a designated person to retain the documents and other records for a period, up to a maximum

5 years, additional to the period referred to in subsection

that subsection continue to apply a member

the Garda Síochána shall, as soon as practicable, notify the designated person to whom the direction was given

that fact and the direction shall expire on the date

that notification. (4C) A designated person who is given a direction under subsection (4A) shall retain the documents or records specified in the direction until the earlier

— (a) the expiration

the additional period specified in the direction, and (b) the expiration

the direction.”, and (e) by the insertion

the following subsection after subsection (7A) (inserted by section 12(b)

the Act

2013): “(7B) Upon the expiry

the retention periods referred to in this section a designated person shall ensure that any personal data contained in any document or other record retained solely for the purposes

this section is deleted.”. Amendment

section 56

Act

2010 28. Section 56

the Act

2010 is amended— (a) in subsection

“credit institution or financial institution that is a”, (b) in subsection

“5 years” for “6 years”, and (c) in subsection

“A designated person who” for “A credit institution or financial institution that”. Group-wide policies and procedures 29. The Act

2010 is amended by the substitution

the following section for section 57: “Group-wide policies and procedures 57.

a group shall implement group-wide policies and procedures, including data protection policies and policies and procedures for sharing information within the group, for the purposes

carrying out customer due diligence and preventing and detecting the commission

money laundering and terrorist financing.

the policies and procedures required under subsection

its branches and majority-owned subsidiaries in that place applies additional measures to effectively handle the risk

money laundering or terrorist financing, and (b) notify the competent authority for that designated person

the additional measures applied under paragraph (a).

the Fourth Money Laundering Directive as they apply in that Member State.

money laundering and terrorist financing are less strict than those

the State shall ensure that the branch or majority-owned subsidiary implement the requirements

the State, including requirements relating to data protection, to the extent that the third country’s law so allows.

a group that makes a report under section 42 shall share that report within the group for the purposes

preventing and detecting the commission

money laundering and terrorist financing unless otherwise instructed by FIU Ireland.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”. Additional measures where implementation

policies and procedures is not possible 30. The Act

2010 is amended by the insertion

the following section after section 57: “57A.

carrying out customer due diligence and preventing and detecting the commission

money laundering and terrorist financing it shall exercise additional supervisory actions, where necessary requesting a group to close down its operations in the third country and may, by notice in writing, direct the designated person to take such additional actions as the competent authority considers necessary to mitigate the risk

money laundering or terrorist financing.

the competent authority, give rise to the risk

money laundering or terrorist financing and in respect

which the additional measures taken are insufficient.

the period during which such an appeal may be taken or the day specified in the notice as the day on which it is to come into effect, whichever is the later, or (ii) in case such an appeal is taken, on the day next following the day on which the notice is confirmed on appeal or the appeal is withdrawn or the day specified in the notice as that on which it is to come into effect, whichever is the later.

30 days beginning on the day on which the notice is served, appeal against the notice to the High Court and in determining the appeal the court may— (a) if the court is satisfied that in the circumstances

the case it is reasonable to do so, confirm the notice, with or without modification, or (b) cancel the notice.

an appeal against a notice which is to take effect in accordance with subsection

suspending the operation

the notice, but the appellant may apply to the court to have the operation

the notice suspended until the appeal is disposed

and, on such application, the court may, if it thinks proper to do so, direct that the operation

the notice be suspended until the appeal is disposed

an appeal under this section a notice is confirmed the High Court may, on the application

the appellant, suspend the operation

the notice for such period as in the circumstances

the case the High Court considers appropriate.

the notice under subsection

the appeal or the application and the grounds for the appeal or the application and the competent authority shall be entitled to appear, be heard and adduce evidence on the hearing

the appeal or the application.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).

2010 is amended by the substitution

the following section for section 59: “59.

this section shall not continue that relationship.

fence and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).

a credit institution or financial institution) that— (

1. a)does not have a physical presence, involving meaningful decision-making and management, in the jurisdiction in which it is incorporated, (
2. b)is not authorised to operate, and is not subject to supervision, as a credit institution, or as a financial institution, (or equivalent) in the jurisdiction in which it is incorporated, and (
3. c)is not affiliated with another body corporate that— (
4. i)has a physical presence, involving meaningful decision-making and management, in the jurisdiction in which it is incorporated, and (
5. ii)is authorised to operate, and is subject to supervision, as a credit institution, a financial institution or an insurance undertaking, in the jurisdiction in which it is incorporated.”. Amendment

section 62

Act

2010 32. Section 62

the Act

2010 is amended by the insertion

the following paragraph after paragraph (a): “(aa) the Legal Services Regulatory Authority;”. Defence 33. The Act

2010 is amended by the insertion

the following section after section 107: “107A. It shall be a defence in proceedings for an

fence under this Part for the person charged with the

fence to prove that the person took all reasonable steps to avoid the commission

the

fence.”. Obligation for certain designated persons to register with Central Bank

Ireland 34. The Act

2010 is amended by the insertion

the following section after section 108: “108A.

the definition

‘financial institution’ in section 24

a cheque cashing

fice, shall register with the Bank.

the Oireachtas (other than this Act), (b) a statute that was in force in Saorstát Éireann immediately before the date

the coming into operation

the Constitution and that continues in force by virtue

Article 50

the Constitution, or (c) an instrument made under an Act

the Oireachtas or a statute referred to in paragraph (b).

fence if the person fails to do so and is liable— (

1. a)on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or (
2. b)on conviction on indictment to a fine or imprisonment for a term not exceeding 5 years (or both).

persons that register under this section (referred to in this section as ‘the Register’).

each designated person registered: (a) the name

the designated person; (b) the address

the head

fice and registered

fice

the designated person; (c) the activities that the designated person carries out that are contained within the meaning

paragraph (a)

the definition

financial institution in section 24

each person registered who carries on the business

a cheque cashing

fice: (a) the name

the person; (b) the address

the registered

fice

the person; (c) the addresses at which the business

a cheque cashing

fice is carried on.

being reproduced in a written form.

the definition

financial institution in section 24

subsection

a cheque cashing

fice may be removed from the Register where that person ceases to carry on the business

a cheque cashing

fice or is authorised or licensed to carry on its activities by, or is registered with, the Bank under an enactment specified in paragraph (a), (b) or (c)

subsection

Ireland.”. Managers and beneficial owners

private members’ clubs - certificates

fitness 35. The Act

2010 is amended by the insertion

the following sections after section 109: “Managers and beneficial owners

private members’ clubs to hold certificates

fitness 109A.

a private members’ club at which gambling activities are carried on, shall hold a certificate

fitness and probity (referred to in this section and sections 109B, 109C, 109D and 109E as a ‘certificate

fitness’) granted by a Superintendent

the Garda Síochána or, as the case may be, by the Minister.

fence and is liable— (

1. a)on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months, or both, or (
2. b)on conviction on indictment to a fine or imprisonment for a term not exceeding 5 years, or both.

this section an individual has applied for a certificate

fitness, this section shall not apply to that individual until such time as the application, and any appeal in relation to the application, has been finally determined. Application for certificate

fitness 109B.

fitness— (

1. a)where the individual ordinarily resides in the State— (
2. i)to the Superintendent

the Garda Síochána for the district in which he or she ordinarily resides, or (ii) to the Superintendent

the Garda Síochána for the district in which the private members’ club concerned is located or is proposed to be located, or (b) where the individual ordinarily resides outside the State, to the Minister.

fitness under this section shall, not later than 14 days and not earlier than one month before making the application, publish in two daily newspapers circulating in the State, a notice in such form as may be prescribed,

his or her intention to make the application.

fitness under this section shall be in such form as may be prescribed.

fitness shall provide the Superintendent

the Garda Síochána, or as the case may be, the Minister to whom the application concerned is made with all such information as he or she may reasonably require for the purposes

determining whether a relevant consideration referred to in section 109C exists.

the Garda Síochána, or as the case may be, the Minister to whom an application for a certificate

fitness is duly made under this section shall, not later than 56 days after receiving the application, either— (a) grant the application and issue a certificate

fitness to the applicant, or (b) refuse the application.

fitness under this section shall be in such form as may be prescribed.

fitness under this section, makes a statement or provides information to a Superintendent

the Garda Síochána or, as the case may be, to the Minister, that he or she knows, or ought reasonably to know, is false or misleading in a material respect commits an

fence and is liable— (

1. a)on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months, or both, or (
2. b)on conviction on indictment to a fine not exceeding €50,000 or imprisonment for a term not exceeding 2 years, or both.

the Garda Síochána shall, as soon as may be after making a decision in relation to an application for a certificate

fitness, notify the Minister in writing

that decision. Grounds

refusal to grant certificate

fitness 109C.

the Garda Síochána or, as the case may be, the Minister shall not refuse an application for a certificate

fitness made in accordance with section 109B unless— (

1. a)a relevant consideration exists, or (
2. b)he or she is not satisfied that the applicant has provided such information as he or she reasonably requires for the purposes

determining whether a relevant consideration exists.

subsection

an

fence under— (

1. i)an enactment relating to excise duty on betting, (
2. ii)the Gaming and Lotteries Acts 1956 to 2013, (iii) section 1078

the Taxes Consolidation Act 1997 , (iv) the Criminal Justice (Theft and Fraud

fences) Act 2001 , or (

1. v)this Act, (
2. b)the applicant stands convicted

an

fence under the law

a place (other than the State)— (i) consisting

an act or omission that, if committed in the State, would constitute an

fence referred to in paragraph (a), or (ii) relating to the conduct

gambling, or (c) the applicant was previously refused a certificate

fitness and either— (

1. i)the applicant did not appeal the refusal, or (
2. ii)on appeal to the District Court, the refusal was affirmed.

the Oireachtas, (b) a statute that was in force in Saorstát Éireann immediately before the date

the coming into operation

the Constitution and that continues in force by virtue

Article 50

the Constitution, (

1. c)an instrument made under— (
2. i)an Act

the Oireachtas, or (ii) a statute referred to in paragraph (b). Duration

certificate

fitness 109D.

fitness shall remain in force until the expiration

3 years after the date on which the certificate was issued.

a certificate

fitness, the individual to whom it was issued makes an application for a new certificate

fitness, the first-mentioned certificate

fitness shall remain in force— (a) until the issue

the new certificate

fitness, (b) in circumstances where the application is refused by the Superintendent

the Garda Síochána concerned or by the Minister and the individual does not make a request referred to in section 109E

the period within which the request may be made, (c) in circumstances where the application is refused by the Superintendent

the Garda Síochána concerned or by the Minister and the individual makes a request referred to in section 109E

the period specified in subsection

that section, or (d) in circumstances where the application is refused by the Superintendent

the Garda Síochána concerned or the Minister and the individual appeals the refusal in accordance with section 109E, until— (

1. i)the District Court affirms the refusal in accordance with that section, or (
2. ii)the issue

a new certificate

fitness pursuant to a direction

the District Court under subsection

that section. Appeal where application for certificate

fitness is refused 109E.

the Garda Síochána, or as the case may be, the Minister refuses an application for a certificate

fitness, he or she shall, on the request in writing

the applicant made not later than 14 days after the refusal, give the applicant a statement in writing

the reasons for the refusal.

fitness has been refused may, not later than 14 days after receiving a statement in writing under subsection

the appeal to the Superintendent

the Garda Síochána concerned or, as the case may be, the Minister.

the Garda Síochána concerned, or as the case may be, the Minister to issue a certificate

fitness to the appellant.

the Garda Síochána concerned or, as the case may be, the Minister shall comply with a direction

the District Court under this section not later than 3 days after the giving

the direction.

the reasons for a refusal given to the appellant pursuant to a request under subsection

such costs.

the District Court under this section.

the District Court assigned to the District Court district— (

1. a)in which he or she ordinarily resides, or (
2. b)in which the private members’ club concerned is located or is proposed to be located.

the District Court assigned to the Dublin Metropolitan District.”. Prescribed amounts under section 33AQ

Central Bank Act 1942 in respect

certain contraventions 36. The Act

2010 is amended by the insertion

the following section after section 114: “114A.

1942’ means the Central Bank Act 1942 and ‘designated person’ means a designated person within the meaning

Part 4

section 33AQ

the Act

1942, in the case

a contravention

Chapter 3

, 4 or 6

Part 4

, or section 30B, 57, 57A, 58 or 59, by a designated person, the prescribed amount for the purpose

subsection

section 33AQ is— (a) if the designated person is a body corporate or an unincorporated body, the greatest

— (

1. i)€10,000,000, (
2. ii)twice the amount

any benefit derived by the person from the contravention (where that benefit can be determined), and (iii) an amount equal to 10 per cent

the turnover

the body for its last complete financial year before the finding is made, (

1. b)if the designated person is a natural person— (
2. i)where the designated person is not a credit institution or financial institution, the greater

— (I) €1,000,000, and (II) twice the amount

any benefit derived by the person from the contravention (where that benefit can be determined), (ii) where the designated person is a credit institution or financial institution, the greater

— (I) €5,000,000, and (II) twice the amount

any benefit derived by the person from the contravention (where that benefit can be determined).

section 33AQ

the Act

1942, in the case

a contravention

Chapter 3

, 4 or 6

Part 4

, or section 30B, 57, 57A, 58 or 59, by a designated person, the prescribed amount for the purpose

subsection

section 33AQ is— (a) where the designated person is not a credit institution or financial institution, the greater

— (

1. i)€1,000,000, and (
2. ii)twice the amount

any benefit derived by the person from the contravention (where that benefit can be determined), (b) where the designated person is a credit institution or financial institution, the greater

— (

1. i)€5,000,000, and (
2. ii)twice the amount

any benefit derived by the person from the contravention (where that benefit can be determined).

subsection

the body’ means total annual turnover

the designated person according to the latest available accounts approved by the management body

the designated person or, where the designated person is a parent undertaking or a subsidiary

a parent undertaking which is required to prepare consolidated financial accounts in accordance with Article 22

Directive 2013/34/EU12 , the total annual turnover or the corresponding type

income in accordance with the relevant accounting Directives according to the last available consolidated accounts approved by the management body

the ultimate parent undertaking.”. Amendment

Schedule 2 to Act

2010 37. The Act

2010 is amended by the substitution

the following Schedule for Schedule 2: “SCHEDULE 2 Section 24 Annex I to Directive 2013/36/EU

the European Parliament and

the Council

26 June 201313 on Access to the Activity

Credit Institutions and the Prudential Supervision

Credit Institutions and Investment Firms, Amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC LIST

ACTIVITIES SUBJECT TO MUTUAL RECOGNITION

1. Taking deposits and other repayable funds.
2. Lending including inter alia: consumer credit, credit agreements relating to immovable property, factoring, with or without recourse, financing

commercial transactions (including forfeiting).

1. Financial leasing.
2. Payment services as defined in Article 4

Directive 2007/64/EC

the European Parliament and

the Council

13 November 200714 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC. 5. Issuing and administering other means

payment (e.g. travellers’ cheques and bankers’ drafts) insofar as such activity is not covered by point

2. Guarantees and commitments.
3. Trading for own account or for account

customers in any

the following: (a) money market instruments (cheques, bills, certificates

deposit, etc.); (

1. b)foreign exchange; (
2. c)financial futures and options; (
3. d)exchange and interest-rate instruments; (
4. e)transferable securities. 8. Participation in securities issues and the provision

services relating to such issues. 9. Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase

undertakings.

1. Money broking.
2. Portfolio management and advice.
3. Safekeeping and administration

securities.

1. Credit reference services.
2. Safe custody services.
3. Issuing electronic money. The services and activities provided for in Sections A and B

Annex I to Directive 2004/39/EC

the European Parliament and

the Council

21 April 200415 on markets in financial instruments, when referring to the financial instruments provided for in Section C

Annex I

that Directive, are subject to mutual recognition in accordance with Directive 2013/36/EU

the European Parliament and

the Council

26 June 201316 ”. List

factors which suggest potentially lower risk 38. The Act

2010 is amended by the insertion

the following Schedule after Schedule 2: “SCHEDULE 3 Section 34A Non-exhaustive list

factors suggesting potentially lower risk

beneficial ownership; (

1. b)public administrations or enterprises; (
2. c)customers that are resident in geographical areas

lower risk as set out in subparagraph

deduction from wages, and the scheme rules do not permit the assignment

a member’s interest under the scheme; (d) financial products or services that provide appropriately defined and limited services to certain types

customers, so as to increase access for financial inclusion purposes; (e) products where the risks

money laundering and terrorist financing are managed by other factors such as purse limits or transparency

ownership (e.g. certain types

electronic money).

terrorism (CFT) systems; (c) third countries identified by credible sources as having a low level

corruption or other criminal activity; (d) third countries which, on the basis

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.”. List

factors which suggest potentially higher risk 39. The Act

2010 is amended by the insertion

the following schedule after Schedule 3 (inserted by section 38 ): “SCHEDULE 4 Section 39 Non-exhaustive list

factors suggesting potentially higher risk

higher risk as set out in subparagraph

the company appears unusual or excessively complex given the nature

the company’s business.

new or developing technologies for both new and pre-existing products.

corruption or other criminal activity; (

1. c)countries subject to sanctions, embargos or similar measures issued by organisations such as, for example, the European Union or the United Nations; (
2. d)countries (or geographical areas) providing funding or support for terrorist activities, or that have designated terrorist organisations operating within their country.”. Repeals 40. The following are repealed: (
3. a)section 5

the Act

2013; (b) sections 31, 32, 34, 36, 43 and 107

the Act

2010. PART 3 Consequential Amendments Consequential amendments 41.

the Act

2010)

the definition

“net loss”, and (b) in section 35

the Act

2010), by the substitution

“Directive (EU) 2015/849

the European Parliament and

the Council

20 May 201517 on the prevention

the use

the financial system for the purposes

money laundering or terrorist financing, amending Regulation (EU) No 648/2012

the European Parliament and

the Council, and repealing Directive 2005/60/EC

the European Parliament and

the Council and Commission Directive 2006/70/EC” for “Directive 2005/60/EC

the European Parliament and

the Council

26 October 2005 on the prevention

the use

the financial system for the purpose

money laundering and terrorist financing”.

the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485

2015 ) is amended by the substitution

“Directive (EU) 2015/849

the European Parliament and

the Council

20 May 201518 on the prevention

the use

the financial system for the purposes

money laundering or terrorist financing, amending Regulation (EU) No 648/2012

the European Parliament and

the Council, and repealing Directive 2005/60/EC

the European Parliament and

the Council and Commission Directive 2006/70/EC” for “Directive 2005/60/EC

the European Parliament and

the Council

26 October 2005 on the prevention

the use

the financial system for the purpose

money laundering and terrorist financing”. 1 OJ No. L 141, 5.6.2015, p. 73 2 OJ No. L 141, 5.6.2015, p. 73 3 OJ No. L 176, 27.6.2013 p. 1 4 OJ No. L 302, 17.11.2009, p. 32 5 OJ No. L 302, 18.11.2010, p. 1 6 OJ No. L 182, 29.6.2013, p. 19 7 OJ No. L 141, 5.6.2015, p. 1 8 OJ No. L 173, 12.6.2014, p. 349 9 OJ No. L 173, 12.6.2014, p. 1 10 OJ No. L 345, 31.12.2003, p. 64 11 OJ No. L 390, 31.12.2004, p. 38 12 OJ No. L 182, 29.6.2013, p. 19 13 OJ No. L 176, 27.6.2013, p. 338 14 OJ No. L 319, 5.12.2007, p. 1 15 OJ No. L 145, 30.4.2004, p. 1 16 OJ No. L 176, 27.6.2013, p. 338 17 OJ No. L 141, 5.6.2015, p. 7 18 OJ No. L 141, 5.6.2015, p. 73 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government

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