Central Bank to Regulate Trust and Company Service Providers for AML
This month, the Department of Justice published Regulations (Statutory Instrument 79/2014) providing that the Central Bank of Ireland would regulate, for anti-money laundering purposes, trust and company service providers that are 100% subsidiaries of a credit or financial institution.
The Department of Justice has, until now, been the competent authority for such service providers under anti-money laundering legislation. The Department is in the process of arranging for the handover of all relevant files to the Central Bank. The Regulations will become effective on 3 March 2014.
Click here to view the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Competent Authority) Regulations 2014.