Compliance Ireland Newsletter May 2017
Financial Crime
Trend of AML Enforcement Continues as CBI enters Settlement Agreement with AIB Plc

On 26th April 2017, the Central Bank of Ireland reported that it had entered into a settlement Agreement with Allied Irish Banks plc for breaches of anti-money laundering and counter the financing of Terrorism legislation.  The firm was fined €2,225,000 for the breaches. This is the 4th enforcement action which has concluded in a settlement agreement since October 2016, with Ulster Bank Ireland DAC, Bray Credit Union Limited and Drimnagh Credit Union all being sanctioned for AML/CFT breaches in that time.

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Credit Union News
Themed Inspections on Outsourcing in Credit Unions - Findings

On 28th April 2017 the Central Bank of Ireland published a report on a thematic review of outsourcing within credit unions. The review looked at the level of outsourcing within the sector and the level of compliance with relevant legislative and regulatory requirements (the Credit Union Handbook (Section 16) in particular contains specific obligations governing Outsourcing).  

The Central Bank has consistently acknowledged that the outsourcing is legitimately utilised across all sectors to enable development of business models, to access more efficient and sometimes necessary technical and operational expertise in a cost-efficient way. This however always comes with the proviso that while you can outsource the task, you cannot outsource the responsibility or liability.

The Central Bank expects all credit unions to consider the issues raised in the report and to examine the implementation of their own outsourcing agreements, policies and procedures, developing and enhancing these where necessary.

 

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Banking
Themed Inspection of Regulatory Reporting by International Banks - Findings Published

On 12th April 2017, the Central Bank of Ireland published the findings of its themed inspection on Regulatory Reporting by International banks supervised by it. The report re-emphasises the importance the Central Bank places on data integrity in regulatory returns and how fundamental it is to its ability to supervise regulated entities effectively. The Central Bank had previously conducted a similar review in 2014 for Investment Firms, Fund Service Providers and Stockbrokers. The publication also follows a number of enforcement actions for inaccuracies/failures in reporting data required for regulatory returns and/or transaction reporting (15 in total from 2010).

The Central Bank expects that all banks operating in Ireland to have robust regulatory reporting processes and controls that are proportionate to their business. There is also an expectation that all banks evaluate their regulatory reporting framework in the context of the findings outlined in the report and remediate any issues identified.

 


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Consumer Protection
NEW Consumer Protection Risk Assessment Model - What does this entail for Firms?

On the 27th March the Central Bank of Ireland published its Guide to Consumer Protection Risk Assessment having concluded a successful pilot test across sectors in 2016.  This follows publication in February of the Central Bank’s 2017 iteration of its now annual Consumer Outlook Report. In that report, the Central Bank had identified that it would be ‘conducting a series of targeted consumer protection risk assessments on a range of firms, with a focus on culture, performance management, sales incentives and product oversight and governance.’

The Consumer Protection Risk Assessment Model is designed to inform the supervisory approach to such assessments and the Guide describes it generally as an enhancement to the model for assessing conduct risk under the Central Bank’s PRISM system of supervision.  The main thrust of this approach is to go beyond assessing direct interaction with consumers when looking at consumer protection risk and additionally looking at strategy, culture, internal structures and other processes and factors that can also create consumer protection issues.


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Companies
Beneficial Ownership Register – What is required to establish your Company’s register?

The ‘European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016’ S.I. 560 of 2016 was published by Department of Finance and became law in November 2016. The Regulations place a requirement on each body corporate or other legal entity incorporated in the State (including every company and any other body corporate so incorporated under the current Companies Acts or all previous Companies Acts) to complete a register of (its) beneficial ownership.

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Training
Training Course Timetable June - December 2017

JUNE

13th Jun, Tues - Developments in MiFID II, Half Day. FULLY BOOKED!
14th Jun, Wed - AML in Practice: Implementation of Current Legislation and Guidance, Brief.LIMITED PLACES AVAILABLE
15th Jun, Thurs - Data Protection & How to Conduct a Data Protection Audit, Full Day
20th Jun, Tues - Central Bank Inspections & Enforcement, Half Day
21st Jun, Wed - Understanding Funds in Ireland, Half Day
22nd Jun, Thurs - Anti-Money Laundering / Counter-Terrorist Financing, Full Day.  2 PLACES AVAILABLE

SEPTEMBER

12th Sept, Tues - Anti-Money Laundering Refresher Course, Brief
13th Sept, Wed - Capital Requirements Directive IIIapital Requirements Directive III, Half Day
14th Sept, Thurs - Governance and Oversight of Outsourced Activites, Brief
19th Sept, Tues - Consumer Protection Code- Advertising Requirements, Half Day
20th Sept, Wed - Code of Conduct on Mortgage Arrears, Brief
21st Sept, Thurs - Anti-Money Laundering /Counter-Terrorist Financing, Full Day
26th Sept, Tues - Payment Services Directive, Brief
28th Sept, Thurs - Complaints Handling and Treating Customers Fairly, Half Day

OCTOBER

3rd Oct, Tues - Ethics, Brief
4th Oct, Wed - Corporate Governance, Half day
5th Oct, Thurs - Directors Duties and Corporate Governance, Full Day
10th Oct, Tues - Implementing Fit and Proper for your Business, Brief
11th Oct, Wed - Implementing UCITS V, Half Day
17th Oct, Tues - Director's Training: Anti-Money Laundering/Counter Terrorist Financing, Brief
18th Oct, Wed - Central Bank Inspections and Enforcement, Half Day
19th Oct, Thurs - Whistleblowing, Brief
24th Oct, Tues - SME Regulation, Brief
25th Oct, Wed - Capital Requirements Directive IV, Full Day
26th Oct, Thurs - Minumum Competancy Code, Half Day

NOVEMBER

8th Nov, Wed - Implementing the Directive on alternative Investment Fund Managers (AIFM), Half Day
9th Nov, Thurs - Anti-Money Laundering and Counter-Terrorist Financing, Full Day
14th Nov, Tues - AML in Practice: Implementation of Current Legislation and Guidance, Brief
15th Nov, Wed - Consumer Protection Code 2012, Half Day
16th Nov, Thurs- The Role of Compliance Officer for Banks and Investment Firms Full Day

21st Nov, Tues - PRISM, Brief (1 hour)
22nd Nov, Wed - Understanding MiFID, Full Day
23rd Nov, Thurs - Data Protection and How to Conduct a Data Protection Audit, Full Day
28th Nov, Tues - Introduction to Financial Services Regulation in Ireland, Half Day
30th Nov, Thurs - Risk-Based Compliance Monitoring for Financial Institutions, Full Day

DECEMBER

6th Dec, Wed -  Establishing the Internal Audit Function, Half Day
7th Dec, Thurs - Anti-Money Laundering and Counter Terrorist Financing, Full Day
12th Dec, Tues - Ethics, Brief
13th Dec, Wed - Developments in MiFID II, Brief


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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:

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Training Course Timetable
25 May 2017
In This Issue
Financial Crime
Trend of AML Enforcement Continues as CBI enters Settlement Agreement with AIB Plc
Credit Union News
Themed Inspections on Outsourcing in Credit Unions - Findings
Banking
Themed Inspection of Regulatory Reporting by International Banks - Findings Published
Consumer Protection
NEW Consumer Protection Risk Assessment Model - What does this entail for Firms?
Companies
Beneficial Ownership Register – What is required to establish your Company’s register?
Training
Training Course Timetable June - December 2017
Useful Links
Compliance Ireland
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