Criminal Justice (Money Laundering And Terrorist Financing) (Amendment) Act 2018 Signed Into Law

Author:Arthur Cox
Profession:Arthur Cox

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 was signed into law on 14 November and came into force on 26 November, resulting in the complete transposition of the Fourth Money Laundering Directive (MLD4) into Irish law.

The Act brings Irish law into line with MLD4 by increasing the scope of risk-assessment, including expanding the definition of persons to be considered beneficial owners of corporate bodies and politically exposed persons. The Act inserts a new chapter in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 requiring designated persons to conduct abusiness risk assessment. The Act also includes new schedules that contain non-exhaustive risk factors indicating lower or higher risk factors. The 2018 Act diverges from the rules based approach of the 2010 Act regarding Simplified Customer Due Diligence (SCDD), and now a designated person is required to identify and be satisfied that the relevant business relationship or...

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