Compliance Ireland Newsletter January 2016
AML – STATISTICS BEFORE THE STORM

With the imminent arrival of the Financial Action Task Force (FATF) to complete their Mutual Evaluation Report of Ireland in November 2016, it appears that statistics around Anti-Money Laundering and specifically surrounding suspicious transaction and activity reporting has been fast tracked with the publication of the 2014 Report on Anti-Money Laundering and Terrorist Financing by the Department of Justice and Equality. The requirement to publish statistics is a requirement of the Legislation it is obvious that the swiftness of more recent publications is to ensure national compliance when FATF commence their review.

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Central Bank News
Central Bank appoints new Deputy Governor

The Central Bank of Ireland has announced the appointment of Sharon Donnery as the new Deputy Governor for Central Banking.   Ms. Donnery's predecessor, Stefan Gerlach, stepped down from the position in December 2015, to return to Switxerland and pursue other interests, having undertaken the role for in excess of 4 years. Ms. Donnery will commence in the position on 1st March 2016 and we wish her all the best.

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Enforcement
High Court Rules Central Bank Inquiry can Proceed

On the 4th January the High Court dismissed a claim by Michael Fingleton, former chief executive of Irish Nationwide Building Society, that he would be subject to an unfair process were the Inquiry planned by the Central Bank to proceed. John Purcell, a former executive director of INBS, had also taken an action to stop the Inquiry into regulatory breaches at INBS, at least until his challenge to the Inquiry's Constitutionality was heard but his application for an injunction was dismissed back in September. This paves the way for the planned Inquiry to commence its process next month.

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Insurance News
Solvency II is Here!

1st January 2016 marked a significant development for insurance companies as the date for the Solvency II directive to take effect. While it marks the commencement of a new regime of Regulatory supervision for Insurance and reinsurance undertakings it marks the end of what was a significant preparatory phase that saw a number of significant changes and publications by the Central Bank of Ireland. These included 8 information Notices, 3 Policy Update notices, a change to the Fitness and Probity Regime (new PCF 48) and new Corporate Governance Requirements documents.  

The regime imposes greater focus on risk management through a harmonised regulatory regime across the EU which aims to increase policyholder protection. This is the first coordinated overhaul of the regulation of this sector in a number of years. 




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Training
Training Schedule 2016!

**Contact Us about Discounts for Multiple Course Bookings** 

PUBLIC TRINING SCHEDULE - FEBRUARY to JUNE 2016


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29 January 2016
In This Issue
Central Bank News
Central Bank appoints new Deputy Governor
Enforcement
High Court Rules Central Bank Inquiry can Proceed
Insurance News
Solvency II is Here!
Training
Training Schedule 2016!
Useful Links
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