AML/CTF – Compliance Updates
Tue Oct 13 2020
Revenue – How to submit Suspicious Transaction Reports (STRS) – Action Required by Members
On the 7th of September, Revenue introduced changes to how Suspicious Transaction Reports (STRs) are submitted. Reporting Entities and Money Laundering Reporting Officers (MLROs) are required to submit all STRs to Revenue, using Revenue‘s Online Service (ROS) only. Please note: Revenue no longer accepts hard copy (paper) STRs.
The Central Bank Expects that all Designated Persons are Registered with the ROS.
Reporting Entities (i.e. members) are required to submit STRs to both Revenue (through ROS) and the Financial Intelligence Unit (FIU) (through the GoAML system), as dual reporting remains a requirement.
Using GoAML system for making Suspicious Transactions Reports to the Financial Investigation Unit (FIU) in án Garda Síocháná
It is recommended that members (reporting entities) register their entities on goAML – Register here. It is beneficial to have registered in case an urgent STR is required to be submitted and also to benefit from messages sent by the FIU on the MessageBoard facility, ie. alerts, useful tips when using goAML, etc.
AML Risk Evaluation Questionnaire
The Central Bank has confirmed that they have issued an AML/CTF risk evaluation Questionnaire to 26 firms as part of their engagement with the sector this year. Selected intermediaries must complete and upload the questionnaire by the 6th of November 2020.
If you experience difficulties uploading the form, please email email@example.com with details of the issue you are having they will be able to assist with any technical queries in relation to uploading the form.
Anti-Money Laundering Bulletin on Transaction Monitoring
The Central Bank published an Anti-Money Laundering Bulletin on the 6th of October. This edition concerns the application of transaction monitoring. The bulletin sets out the Central Bank’s findings following supervisory engagements across multiple credit and financial institutions, and also sets out the Central Bank’s expectations with regard to the application of transaction monitoring controls. The bulletin is available in the members section of the website in the following location Compliance/Anti-Money Laundering/Central Bank of Ireland guidelines
To reflect the information contained in the bulletin, Brokers Ireland has also updated it’s AML/CTF guidance document which is available in the Brokers Ireland guides folder in the AML section of the members website. Updates in relation to monitoring are highlighted in red for your reference.