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.