Newsletter 05/2015
Seminar Announement

Implementing Central Bank AML Guidance for your Credit Union

Course Content:

  • Review the findings of the Central Bank and how they impact your Credit Union
  • Defining the Governance and Controls that your Credit Union should have in place
  • Preparing an appropriate MLRO Report
  • Constructing a Risk Assessment that is appropriate for your Credit Union
  • Constructing a Customer Due Diligence procedure that will look at all the different types of customers that you may have
  • Preparing a procedure for On-Going Monitoring in your Credit Union
  • How to identify and report Suspicious Transactions

Friday 24th July - Radission Blu Hotel, Athlone

Friday 31at July - Rochestown Hotel, Cork


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Corporate Governance News
Governance and Oversight of Outsourced Activites
Refresher Series

This article is one of a series looking at the Enforcement Priorities of the Central Bank for 2015. In relation to oversight of outsourced activities, of primary significance is the settlement agreement with Ulster Bank (12th November 2014) after its IT failures led to widespread loss of basic banking facilities to thousands of customers over a 28 day period in 2012. However, the point was reiterated in the most recent enforcement action against Western Union Payment Services Ireland Limited (settlement agreement 19th May 2015) where the Central Bank purposefully noted the intersectionality of 3 enforcement priorities in that case, including oversight of outsourced activities. The importance of robust outsourcing arrangements was also addressed in February's Report on Anti-Money Laundering Counter Terrorist Financing and Financial Sanctions in Irish Banks.

This article will look at what is to be learned from these publications and highlight the emphasis already applied by the Central Bank to this topic.

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The Constant Need for Effective Systems and Controls
Refresher series

This article is one in a series covering the Enforcement priorities of the Central Bank for 2015. There is no other breach that is referenced so often as the absence of effective systems and internal controls. It permeates a whole host of settlement agreements that have been issued by the Central Bank of Ireland. It may be seen as the 'low hanging fruit' in terms of picking out breaches of financial services regulations. It is quite logical that this is the case because in many situations other breaches simply will not occur and can be prevented by the existence of effective systems and controls.

This article will look at how consistently the Central Bank have raised this issue throughout publications to date and what it takes to have effective systems and controls.

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Enforcement
Western Union Fined for AML Breaches
On 19th May 2015 the Central Bank of Ireland published a settlement agreement with Western Union Payment Services Ireland Limited ('WUPSIL') for breaches of Anti-Money Laundering legislation and imposed an administrative sanction of €1,750,000.

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Partner in Stockbroking Firm Disqualified for Regulatory Returns Breaches
On 21st May 2015 the Central Bank announced that it had entered into a settlement agreement with Mr. Tadhg Gunnell. 

It has disqualified Mr Gunnell for 10 years from being a person concerned in the management of a regulated financial services provider. Mr Gunnell was also reprimanded for his actions while Head of Compliance and Head of Finance of Bloxham (now in official liquidation) – a €105,000 penalty was deemed  appropriate but waived in light of Mr Gunnell having been adjudicated bankrupt by the High Court earlier this year.


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Companies
The Companies Act 2014 - Conversion to the New Company Form

The provisions of the Companies Act 2014 will come into effect on the 1st June 2015. The main purpose of the Act is to consolidate the significant body of Companies Acts, statutory instruments and case law that had developed over the past 50 years. As such, the majority of provisions are a restatement of existing provisions. It also brings together all Directors Duties in one place including the former common law or fiduciary duties. There are some significant changes however and the most notable is the need for existing Private Companies Limited by shares to choose between a new model form simplified Limited Company (LTD) or the newly named Designated Activity Company (DAC).


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Europe
Sharp words exchanged on CRD4 Remuneration Policy
The European Banking Authority ("EBA") is currently holding a public consultation on revised Guidelines relating to the Remuneration Policy requirements under CRD4. Before this this consultation commenced there was an exchange of opinions exchanged between the EBA and the European Commission. These letters have now been published by the EBA.

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Training
September to December Training Schedule

Hello Everyone, 

Training dates have been released for our September - December 2015 Term.  
Get a head start and book your places now.

We are still taking bookings for May and June, so click on the links for more detailed information on any one of our courses.


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29 May 2015
In This Issue
Corporate Governance News
Governance and Oversight of Outsourced Activites
The Constant Need for Effective Systems and Controls
Enforcement
Western Union Fined for AML Breaches
Partner in Stockbroking Firm Disqualified for Regulatory Returns Breaches
Companies
The Companies Act 2014 - Conversion to the New Company Form
Europe
Sharp words exchanged on CRD4 Remuneration Policy
Training
September to December Training Schedule
Useful Links
Compliance Ireland
Compliance Ireland
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13 Adelaide Road
Dublin 2

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