Money Laundering Protection

Healy O’Connor provide legal advice to professionals, public and private companies and individuals on anti-money laundering regulatory requirements laid down by the Financial Regulator.

The recent enactment of The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 has brought Ireland in line with international standards of financial regulation.

This Act requires the Central Bank and Financial Services Authority of Ireland to effectively monitor credit and financial institutions (as defined in the Act) with regard to their obligations under the Act, and to take measures that are reasonably necessary to secure such compliance.

The following institutions must comply with anti-money laundering regulations:

  • Credit Institutions
  • Credit unions
  • Retail credit firms
  • Insurance undertakings and insurance intermediaries
  • Investment business firms
  • Collective investment schemes

The Act also applies to any entities, regardless of regulatory status, engaged in:

  • Taking deposits
  • Lending
  • Leasing
  • Issuing or administering means of payment
  • Providing guarantees
  • Trading in money market instruments, foreign exchange, futures and options, exchange rate instruments or transferable securities
  • Participating in securities issues
  • Advising on capital structure, or industrial strategy or advising on or providing services relating to mergers and the purchase of undertakings
  • Money broking
  • Portfolio management and advice
  • Safekeeping and administration of securities

If you would like advice on compliance with money laundering regulations, please freephone 1800 54 54 54 or email bankingteam@hoc.ie

All queries will be dealt with in strict confidence.

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