Overview of Anti-Money Laundering Obligations for Notaries in Ireland
The Faculty of Notaries Public in Ireland hosted a session on Anti-Money Laundering Compliance Unit (AMLCU), emphasizing obligations under the Criminal Justice Act. Established in 2010, AMLCU plays a vital role in combating money laundering and terrorist financing. The event highlighted risk assessments, customer due diligence, reporting suspicious transactions, and maintaining records as key aspects. Notaries and designated non-financial professionals need to adhere to these obligations to prevent financial crimes effectively.
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Faculty of Notaries Public in Ireland 31stMarch 2021
Agenda Anti-Money Laundering Compliance Unit (AMLCU) Understanding your Obligations (Sources of Information) Compliance Inspection Questions 2 An Roinn Dl agus Cirt | Department of Justice
Anti-Money Laundering Compliance Unit (AMLCU) Established in 2010 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) Criminal Justice (Money Laundering and Terrorist Financing) Act 2021 further amends the 2010 Act (enacted 18/3/21 due to be commenced in weeks.) One of 14 Competent Authorities. 13 once 2021 Act is commenced. Designated Non-Financial Business and Professions vs Financial Solicitors Law Society; Barristers Legal Services Regulatory Authority (once 2021 Act is commenced.) Notaries AMLCU. Eight Authorised Officers in the AMLCU Notary compliance inspections in 2021 (offsite or on-site) Risk rated as medium low in the National Risk Assessment (NRA) 3 An Roinn Dl agus Cirt | Department of Justice
Understanding your Obligations Sources of Information The Act AMLCU website www.amlcompliance.ie The NRA Publications The Notary of Ireland Law and Practice 4 An Roinn Dl agus Cirt | Department of Justice
Section Obligation on the Designated Person Section 30A Documented Risk Assessment document - identify and assess the risks of money laundering and terrorist financing in relation to the business Section 30B Assessment of risk in relation to a customer or transaction in determining the measures to be applied in relation to customer due diligence Section 33/33A/34A Customer due diligence (CDD) - Identification and verification of customers and beneficial owners. Timing of CDD (prior to commencing relationship or carrying out transaction/service). Electronic Money Derogation provisions (where applicable.) Section 35 Special measures applying to business relationships. Section 36A Examination of background and purpose of certain transactions Section 37 Enhanced customer due diligence politically exposed persons. Section 38A Enhanced CDD for high risk third countries Section 39 Enhanced CDD in cases of heightened risk Section 40 Reliance on other persons to carry out CDD Section 42 & Section 49 Requirement for designated persons and related persons to report suspicious transactions and not to tip off or make a disclosure that could prejudice an investigation Section 54 Internal policies and procedures and training Section 55 Keeping of records by designated persons.
Risk Assessment S30A - Business Risk Assessment Documented exercise that includes risk factors specified in Act Accurate appraisal and recognition that risk exists Reviewed yearly and approved by senior management S30B Customer/Transaction Risk Rating Documented exercise that includes risk factors specified in Act Assigned individual customer/transaction risk rating Capture the risk and demonstrate the rationale behind the rating 6 An Roinn Dl agus Cirt | Department of Justice
Customer Due Diligence S33-40 Refer to Customer Due Diligence (CDD) CDD is identification and verification of customers and beneficial owners Level of CDD appropriate to the level of risk Establish and identify the source of funds Corporate Customers Identify beneficial owners. Record of checking the Registration of Beneficial Ownership (RBO) S40 Reliance on third parties to carry out due diligence Any CDD arrangements with third parties must be of a high standard and tested 7 An Roinn Dl agus Cirt | Department of Justice
Politically Exposed Persons (PEPs) S37 Enhanced Due Diligence (PEPs) Determine if customer or beneficial owners are politically exposed persons or an immediate family member or close associate of a PEP Evidence additional checks and searches carried out separate to the customer take-on form Evidence of what enhanced due diligence was carried out Document and record all considerations and senior management approval in cases of confirmed PEP checks Amend customer risk assessment rating accordingly 8 An Roinn Dl agus Cirt | Department of Justice
Business Relationship S35 Measures applying to business relationships Ongoing monitoring of business relationships with customers to the extent reasonably warranted by the associated risk Can you demonstrate evidence of this? S36A - Examination of background and purpose of complex transactions, unusually large transactions and or unusual patterns of transactions which have no apparent economic or lawful purpose. Know your customer Can you demonstrate evidence of this? S24 Definition of monitoring 9 An Roinn Dl agus Cirt | Department of Justice
Suspicious Transaction Reports (STRs) S42 requirement to report knowledge, suspicion or reasonable grounds for suspicion Internal procedures and controls should document the procedure to follow from detection to reporting. Identify who is responsible. Registration on GoAML and ROS Dual reporting to both FIU and the Revenue Commissioners Documented explanation why a report didn t issue if suspicion detected Tipping off offence under the Act 10 An Roinn Dl agus Cirt | Department of Justice
Internal Policies and Procedures S54 Internal Policies, Controls and Procedures in relation to the business to prevent and detect ML/TF CDD, Risk, Monitoring, STRs, Training, Records etc Documented. Dated. Signed. Evidence of approval at senior management level Reviewed yearly Expect compliance in line with Polices and Procedures S54(6A) internal protected disclosure policy 11 An Roinn Dl agus Cirt | Department of Justice
Staff Instruction and Training S54(6) all persons involved in the conduct of the designated persons business are (i) Instructed on the law and (ii) That appropriate ongoing training is provided How has AML training/awareness been achieved? Is there evidence of AML training or attendance record? Are copies of used training material/manuals available? 12 An Roinn Dl agus Cirt | Department of Justice
Record Keeping S55 Keeping of records by designated persons Keep records of procedures applied and information obtained in relation to each customer Keep records evidencing the history of services and transactions carried out in relation to each customer Records shall be retained for a period of not less than five years Orderly presentation of files and records allow for quicker inspections Information provided after inspection may not be taken into consideration Good customer records include: Take-on form, risk assessment, CDD, intended business relationship, source of funds, ongoing monitoring, customer file reviews 13 An Roinn Dl agus Cirt | Department of Justice
Questions? Website: www.amlcompliance.ie Email: antimoneylaundering@justice.ie Telephone: 01 602 8400 14 An Roinn Dl agus Cirt | Department of Justice
