Compliance Ireland Newsletter - January 2018
Credit Union News
Invitation to Seminar

Compliance Ireland would like to invite you to a 

Seminar on AML and Data Protection for Credit Unions
    Date: Friday 2nd March 2018 - Rochestown Park Hotel, Cork
    Date: Friday 9th March 2018 - Hodson Bay Hotel, Athlone


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Financial Crime
AMLD5 and Beneficial Ownership Update

 

In December 2017, the Council of Europe, the European Parliament and the European Commission reached political agreement on amendments to the 4th AML Directive (Directive (EU) 2015/849 (AMLD4)). These amendments are referred to as AMLD5 and have been debated at European level since July 2016.  Member states were required to transpose AMLD4 into national law by 26 June 2017.  Some EU Member States, including Ireland, still have not yet done so. A formal legal text has not yet been published to reflect the agreement reached in relation to MLD5 but we understand that it is expected in the middle of 2018. National implementation is likely to be required within eighteen months -- end 2019 or beginning 2020.

 


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Enforcement
7 Entities Sanctioned by the Central Bank in the Past Two Months
First Public Inquiry also got underway.

While there was a 6 month hiatus on Enforcement Actions between May and November 2017, the Central Bank of Ireland kept up its trend of approximately 10 Settlement Agreements per year since 2011. 

4 Settlements related to Intermediaries failing to have Professional Indemnity cover which remains a common theme - now enforced upon almost 20 times. Other issues relate to Fitness and Probity and Client Categorisation under MiFID.


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Europe
Key Implementation Dates for 2018
New Obligations

While anyone with significant experience in the Financial Services sector in Ireland will have felt the upward trend of regulatory impact over the past number of years, its hard to remember a single year that included scheduled implementation of so many Directives, Regulations and amended Codes around the same time. The following is a list of key implementation dates for 2018 - it is by no means exhaustive but if your business is impacted by any of these legal requirements, make sure you're ready! 

 

 


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Data Protection & Privacy
Data Protection Officer – GDPR Requirement (Series)
Do you need one? Do you have one?

This article is the first in a series that will look at new requirements under the GDPR.

When the General Data Protection Regulations become effective in Irish law on the 25th May 2018, it will become a legal requirement for many firms to designate a Data Protection Officer. Even where a firm is not required to have a DPO, if the firm has or chooses to appoint a DPO, going forward the firm has to comply with the DPO provisions of the Regulation. This article looks at when a DPO is required, what is required for the role itself and the explicit responsibilities of the DPO as per the Regulation. 


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Training
Training Courses - January to June 2018

Our full public Training Timetable is set out below. Alternatively you can access it online here.

 

  February  
Tues  13 Feb  Anti-Money Laundering Refresher Course Brief 
Wed   14 Feb  General Data Protection Regulations  Half Day
Thurs 15 Feb Capital Requirements Directive IV Full Day
Tues  20 Feb Implementing Fit & Proper in your Business Brief
Wed   21 Feb Governance & Oversight of Outsourced Activities Brief
Thurs 22 Feb Anti-Money Laundering / Counter-Terrorist Financing Full Day
Tues  27 Feb  Treating Customers Fairly & Complaint Handling Half Day
Wed   28th Payment Services Directive II Brief
  March  
Thurs 1 March 4th Anti-Money Laundering Directive Half Day
Tues  6 March Establishing the Internal Audit Function Half Day
Wed  7 March Corporate Governance Half Day
Thurs 8 March Introduction to Irish Financial Services Regulation Half Day
Tues  13 March Anti-Money Laundering for Director's Brief
Wed  14 March Whistleblowing Brief
Thurs 15 March Data Protection (including GDPR) Full Dy
Tues  20 March Consumer Protection Code 2012 Half Day
Wed  21 March Ethics Brief
Thurs 22 March Risk-Based Compliance Monitoring Full Day
Tues  27 March The Minimum Competency Code  Half Day
Wed  28 March Capital Requirements Directive III for Investment Firms Brief
Thurs 29 March SME Regulations Brief
  April  
Wed   4 April PRISM

Lunchtime Brief

Thurs 5 April Anti-Money Laundering / Counter-Terrorist Financing Full Day
Tues  10 April Central Bank Inspections & Enforcement Half Day
Wed   11 April Insurance Distribution Directive Half Day
Thurs 12 Apil Director's Duties and Corporate Governance Full Day
Tues  17 April AML in Practice Brief
Thurs 19 April Role of Compliance Officer Full Day
Tues  24 Aprl Anti-Money Laundering Refresher Course Brief
Wed  25 April  Consumer Protection Code - Advertising Requirements  Half Day
Thurs 26 April Understanding MiFID II Full Day
  May  
Tues  8 May Whistleblowing Brief
Wed   9 May Implementing UCITS V Half Day
Thurs 10 May Risk-Based Compliance Monitoring Full Day
Thurs 17 May Data Protection (including GDPR) Full Day
Tues  22 May Introduction to Financial Services Regulation in Ireland Half Day
Wed  23 May Treating Customers Fairly & Complaints Handling Half Day
Thurs 24 May Understanding Funds in Ireland Half Day
Tues  29 May Companies Act 2014 Half Day
Wed  30 May Implementing Fitness & Probity in your Business Brief
  June  
Tues  5 June  Consumer Protection Code 2012 Half Day
Wed   6 June Code of Conduct on Mortgage Arrears Brief
Thurs 7 June Implementing the AIFM Directive Half Day
Thurs 14 June Data Protection (including GDPR) Full Day
Tues  19 June Central Bank Inspections & Enforcement Half Day
Thurs 21 June Anti-Money Laundering / Counter-Terrorist Financing Full Day



How to Make a Booking

Click on the link to the course you want to book and ensure your place today by scrolling down and booking through PayPal.

Alternatively, you can make a booking by sending an email to bookings@complianceireland.com containing the following information:

  • your contact details
  • the name and date of the course that you would like to attend
  • the attendee(s) name(s)
  • the name of the person that the invoice should be addressed to
  • any reference/cost centre/purchase order number that you would like stated on the invoice

We will follow up your booking by sending out an invoice.

Have a Number of People That Need Training?

It may be more cost-effective and time-efficient to have your staff trained at your premises rather than sending them out to external courses. 
As well as our public training courses, Compliance Ireland regularly provides bespoke training to firms around the country.  The benefits of bespoke training include:

  • we can tailor content to your company/industry requirements
  • we can tailor content to focus on specific topics within a subject area
  • we can help you ensure that you comply with mandatory/regulatory staff training requirements
  • reduce costs by running course from your offices or for smaller groups from our offices
  • reduce costs by printing off course content

For more information contact Daisy at: daisy@complianceireland.com

Terms & Conditions:

Our Terms and Conditions and Cancellation Policy (‘Terms’) are located here.  Please read the Terms before making your booking.  A link to the Terms appears on each webpage advertising a course/Event.  Please note that Compliance Ireland reserves the right to alter the content and/or cancel scheduled courses/Events.  Where Compliance Ireland cancels a course/Event a full refund will be made.  All bookings must be paid for in advance unless agreed otherwise. Please also see our Privacy Policy/Statement by clicking here.

 


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31 January 2018
In This Issue
Credit Union News
Invitation to Seminar
Financial Crime
AMLD5 and Beneficial Ownership Update
Enforcement
7 Entities Sanctioned by the Central Bank in the Past Two Months
Europe
Key Implementation Dates for 2018
Data Protection & Privacy
Data Protection Officer – GDPR Requirement (Series)
Training
Training Courses - January to June 2018
Useful Links
Compliance Ireland
Compliance Ireland
38-39 Baggot Street Lower,
Dublin 2

T: +353 1 425 5962
E: email@complianceireland.com