AML/CTF Updated Guidance and Template Presentation

Thu Jun 3 2021

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 has been enacted which transposed the 5th AML Directive.

The key changes include:

  • Creation of new categories of Designated Person;
  • the expansion of the PEP definition;
  • new triggers for conducting customer due diligence and
  • the inclusion of a list of enhanced due diligence measures to be taken when dealing with customers residing or established in high risk third countries.

Brokers Ireland has updated its member AML/CTF guidance and templates (2,3,4,5 and 9) to reflect the new requirements – for ease of reference revised sections are in red. The updated guidance is available in the Anti-Money Laundering and Counter Financing of Terrorism section of Compliance Support section of the members’ area of the Brokers Ireland website .

Brokers Ireland Template Presentation

As you are aware, it is a requirement for all financial services firms to provide annual Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) training to their staff. This training must be appropriate and sufficient and tailored to the firm, and reflect the firm’s AML/CFT policies and procedures.

The Brokers Ireland template presentation has also been updated and is available in the Compliance Support section of our website under the Anti-Money Laundering heading. The purpose of the template is to provide a format for staff training which can be used by members, but must first be personalised to include reference to the firm’s specific AML/CTF procedures and processes.

Continuous Professional Development (CPD)

As per our communication last year, Brokers Ireland is no longer able to seek CPD accreditation on behalf of members. Therefore, each firm who wishes to use the BI presentation (for the purposes of fulfilling CPD requirements) must first personalise it and seek accreditation from their respective educational bodies; LIA, III and IOB, themselves.  The LIA and the Insurance Institute of Ireland have stipulated that a soletrader cannot avail of the CPD as there must be active participation in the presentation. i.e. one cannot read the template and get formal hours.

Firms who do not wish to seek CPD accreditation may still use the presentation to fulfil their annual requirement but must also personalise it to ensure that it reflects the firm’s AML/CFT policies and procedures.

Annual Training and Assessments

Members should note, all Partners/Directors including non-executive directors are required to undertake AML/CFT training as well as all staff.

Also, as you are aware firms should ensure that the AML/CFT training provided includes an assessment or examination during the training session which needs to be passed in order to be recorded as complete. If the training does not contain an assessment or examination, firms must be in a position to demonstrate effectiveness of the training and staff understanding in relation to same.

Receiving a CPD cert is not dependent on a staff member passing the assessment. Once they have attended the training in full, they are entitled to the cert. However, for the training to be recorded as complete (from an annual Central Bank requirement perspective) they must pass the assessment.

Member firms can access the template presentation 2021 in the presentations folder in Anti-Money Laundering and Counter Financing of Terrorism section in Compliance Support of the members’ area of the Brokers Ireland website. Brokers Ireland have also produced a Q&A which can be used following the presentation to test attendees’ knowledge. However, we suggest members could substitute some of these questions with their own.

You must keep a record of the date of training, the type of AML/CFT training provided, and the names of individuals who attended and whether they passed the assessment/test.

General Insurance

General insurance brokers are outside the scope of the AML/CFT legislation. However, they are expected to be mindful of other legislation that would apply such as Financial Sanctions, and to have controls and procedures in place to detect and prevent financial crime, and as a result, to report knowledge or suspicions of money laundering transactions. Staff would need to be trained also in this regard. Brokers Ireland would suggest that you personalise the presentation to suit your needs and seek accreditation from your respective educational body/bodies.

If you require any assistance, please contact us at compliance@brokersireland.ie or 01 6613067

 


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