The role of Anti-Money Laundering Compliance Unit
 

The Anti-Money Laundering Compliance Unit is responsible for ensuring compliance with certain elements of Money Laundering and Terrorist Financing legislation.

 

Legislation

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by the Criminal Justice Act 2013, consolidated Ireland’s existing anti-money laundering and terrorist financing laws.

The Act establishes the Minister for Justice and Equality as a State Competent Authority and as a Competent Authority for the purposes of securing compliance by certain categories of ‘designated persons’ with statutory requirements to prevent money laundering or terrorist financing.

The Anti-Money Laundering Compliance Unit (AMLCU) has been established within the Department to administer the functions of the competent authority under the Act.

 

Requirements of the Act

The Act places obligations on certain businesses to guard against them being used for money laundering or terrorist financing purposes.  It contains requirements to


Compliance monitoring inspections

Compliance monitoring inspections are carried out by AMLCU on an ongoing basis. The businesses involved include:

It is important to note that the role of the Unit is only to ensure compliance with the Act; it does not in anyway regulate these operations.

 

Other state agencies

Many other State agencies have a significant role in the issue of combating money-laundering. These include:

 

Further information

Anti-money laundering website