Compliance Update – Transposition of the 5th AML Directive

Thu May 6 2021

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

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 is currently updating member AML/CTF guidance and will issue to members in due course.

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