Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (No. 26)

AI Summary of Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (No. 26)

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (No. 26) introduces significant revisions to the existing Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) framework. Key changes include an expansion of due diligence obligations for reporting entities, ensuring a more thorough assessment of risks associated with clients and transactions. This amendment aligns with the latest EU directives, emphasising a comprehensive risk-based approach to combating financial crime.

Additionally, the Act strengthens requirements concerning beneficial ownership, mandating enhanced transparency to prevent the misuse of corporate structures. Regulatory bodies are afforded greater enforcement powers, enabling more effective oversight and compliance checks. These updates underscore the commitment to international standards in the fight against money laundering and terrorist financing, fostering an environment of accountability and integrity within the financial system.

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Version status: Partly in force | Document consolidation status: No known changes

Published date: 14 November 2018

		Future version	Amendment requiring commencement	Draft proposed change
	Introductory Text
	Act Referred to
	Part 1 Preliminary and General (ss. 1-2)
	1. Short title, commencement and collective citation
	2. Definitions
	Part 2 Amendment of Act of 2010 (ss. 3-40)
	3. Amendment of section 2 of Act of 2010
	4. Amendment of section 24(1) of Act of 2010
	5. Amendment of section 25 of Act of 2010
	6. Beneficial owner in relation to bodies corporate
	7. Amendment of section 27 of Act of 2010
	8. Amendment of section 28 of Act of 2010
	9. Amendment of section 30 of Act of 2010
	10. Risk assessment by designated persons
	11. Amendment of section 33 of Act of 2010
	12. Electronic money derogation
	13. Simplified customer due diligence
	14. Amendment of section 35 of Act of 2010
	15. Examination of background and purpose of certain transactions
	16. Amendment of section 37 of Act of 2010
	17. Correspondent relationships with third-country respondent institutions
	18. Enhanced customer due diligence - high-risk third countries
	19. Enhanced customer due diligence in cases of heightened risk
	20. Amendment of section 40 of Act of 2010
	21. Functions of State Financial Intelligence Unit
	22. Amendment of section 42 of Act of 2010
	23. Amendment of section 44 of Act of 2010
	24. Amendment of section 51 of Act of 2010
	25. Amendment of section 52(2)(c) of Act of 2010
	26. Internal policies, controls and procedures
	27. Amendment of section 55 of Act of 2010
	28. Amendment of section 56 of Act of 2010
	29. Group-wide policies and procedures
	30. Additional measures where implementation of policies and procedures is not possible
	31. Relationships between certain institutions and shell banks
	32. Amendment of section 62(1) of Act of 2010
	33. Defence
	34. Obligation for certain designated persons to register with Central Bank of Ireland
	35. Managers and beneficial owners of private members' clubs - certificates of fitness
	36. Prescribed amounts under section 33AQ of Central Bank Act 1942 in respect of certain contraventions
	37. Amendment of Schedule 2 to Act of 2010
	38. List of factors which suggest potentially lower risk
	39. List of factors which suggest potentially higher risk
	40. Repeals
	Part 3 Consequential amendments (s. 41)
	41. Consequential amendments

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AI Summary of Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (No. 26)