The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 ("CJA 2018") transposed the majority of the Fourth Money Laundering Directive (EU) 2015/849 ("4MLD") into Irish law.

4MLD sought to put in place the updated FATF global standards, which promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

CJA 2018 came into force on 26 November 2018. It introduced significant changes from that date to Irish legislation on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing ("ML/TF"). Irish anti-money laundering ("AML") and counter terrorist financing ("CTF") legislation is now contained in the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018 (the "CJAs").

The Central Bank of Ireland (the "Central Bank") is the competent authority for the monitoring of credit and financial institutions’ compliance with the CJAs and is responsible for taking reasonable measures to secure compliance.

In December 2018, the Central Bank published the draft "Anti-Money Laundering and Countering the Financing of Terrorism Guidelines for the Financial Sector" (the "Guidelines"). Once finalised, the Guidelines will supplement the CJAs and form core guidance for the Irish financial services industry in this area.

Impact Analysis Table

The impact analysis table considers the key changes introduced by the CJA 2018 that apply to Irish authorised investment funds (both UCITS and AIFs, irrespective of their legal form) and identifies important enhancements that these funds (and their Irish authorised management company or AIFM, if relevant) are required to make to their AML/CFT framework to comply with the CJAs. These enhanced requirements apply from 26 November 2018.

How the Maples Group can help

We are assisting clients in considering measures that investment firms, UCITS and AIFs should take to ensure compliance with the CJAs.

In most cases, this will include:

  • Conducting a gap analysis and a review of existing written AML/CTF policies including any existing documented business risk assessment with a view to preparing an enhanced AML/CTF policy document and documented business risk assessment;
  • A review of internal controls and the AML/CTF procedures framework; and
  • Engaging with administrators on funds' behalf to ensure that policies and operational processes at delegate level are being enhanced where required to comply with the new requirements.

Additionally, annual AML training for directors in 2019 should include a briefing on the changes introduced under the CJA 2018.

Further Information

If you would like further information, please liaise with your usual Maples Group contact or any of the contacts listed below.

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CONTACTS

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Peter Stapleton

Partner

+353 1 619 2024

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Stephen Carty

Partner

+353 1 619 2023

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Ian Conlon

Partner

+353 1 619 2714

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John Gallagher

Partner

+353 1 619 2073

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Philip Keegan

Partner

+353 1 619 2122

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Deirdre McIlvenna

Partner

+353 1 619 2064

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Aaron Mulcahy

Partner

+353 1 619 2104

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Eimear O'Dwyer

Partner

+353 1 619 2065

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Emma Conaty

Head of Global Registration Services

+353 1 619 2708

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Adam Donoghue

Partner

+44 20 7466 1711

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Pádraig Brosnan

Partner

+1 345 814 5441

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Michelle Lloyd

Partner

+852 3690 7504

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