Table of Contents
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-5)1. Short title and commencement.2. Interpretation.3. Regulations.4. Repeals and revocations.5. Expenses.Part 2 Money Laundering Offences (ss. 6-16)6. Interpretation (Part 2).7. Money laundering occurring in State.8. Money laundering outside State in certain circumstances.9. Attempts, outside State, to commit offence in State.10. Aiding, abetting, counselling or procuring outside State commission of offence in State.11. Presumptions and other matters.12. Location of proceedings relating to offences committed outside State.13. Consent of DPP required for proceedings for offences committed outside State.14. Certificate may be evidence in proceedings under this Part.15. Double jeopardy.16. Revenue offence committed outside State.Part 3 Directions, Orders and Authorisations Relating to Investigations (ss. 17-23)17. Direction or order not to carry out service or transaction.18. Notice of direction or order.19. Revocation of direction or order on application.20. Order in relation to property subject of direction or order.21. Cessation of direction or order on cessation of investigation.22. Suspicious transaction report not to be disclosed.23. Authorisation to proceed with act that would otherwise comprise money laundering.Part 4 Provisions Relating to Finance Services Industry, Professional Service Providers and Others (ss. 24-109)Chapter 1 Interpretation (Part 4) (ss. 24-30)24. Definitions.25. Meaning of "designated person".26. Beneficial owner in relation to bodies corporate.27. Beneficial owner in relation to partnerships.28. Beneficial owner in relation to trusts.29. Beneficial owner in relation to estates of deceased persons.30. Other persons who are beneficial owners.Chapter 1A Risk assessment by designated persons (ss. 30A-30B)30A. Business risk assessment by designated persons.30B. Application of risk assessment in applying customer due diligence.Chapter 2 Designation of places other than Member States - procedures for detecting money laundering or terrorist financing (ss. 31-32)31. Designation of places imposing requirements equivalent to Third Money Laundering Directive.32. Designation of places having inadequate procedures for detection of money laundering or terrorist financing.Chapter 3 Customer Due Diligence (ss. 33-40)33. Identification and verification of customers and beneficial owners.33A. Electronic money derogation.34. Exemptions from section 33.34A. Simplified customer due diligence.35. Special measures applying to business relationships.36. Exemption from section 35(1).36A. Examination of background and purpose of certain transactions.37. Enhanced customer due diligence - politically exposed persons.38. Enhanced customer due diligence - correspondent banking relationships.38A. Enhanced customer due diligence - high-risk third countries.39. Enhanced due diligence in cases of heightened risk.40. Reliance on other persons to carry out customer due diligence.Chapter 3A (ss. 40A-40I)40A. State Financial Intelligence Unit.40B. Powers of FIU Ireland to receive and analyse information.40C. Powers of certain members of FIU Ireland to obtain information.40CA. Requests by FIU Ireland to Article 3(2) authorities40D. Power of FIU Ireland to respond to requests for information from competent authorities.40DA. Requests by Article 3(2) authorities to FIU Ireland40E. Power of FIU Ireland to share information.40F. Exchange of financial information or financial analysis40G. Exchange of information between Europol and FIU Ireland40H. Processing of certain special categories of personal data40I. Records of certain information requestsChapter 4 Reporting of suspicious transactions and of transactions involving certain places (ss. 41-47)41. Interpretation (Chapter 4).42. Requirement for designated persons and related persons to report suspicious transactions.43. Requirement for designated persons to report transactions connected with places designated under section 32.44. Defence - internal reporting procedures.45. Use of reported and other information in investigations.46. Disclosure not required in certain circumstances.47. Disclosure not to be treated as breach.Chapter 5 Tipping off by designated persons (ss. 48-53)48. Interpretation (Chapter 5).49. Tipping off.50. Defence - disclosure to customer in case of direction or order to suspend service or transaction.51. Defences - disclosures within undertaking or group.52. Defences - other disclosures between institutions or professionals.53. Defences - other disclosures.Chapter 6 Internal policies and procedures, training and record keeping (ss. 54-55)54. Internal policies and procedures and training.55. Keeping of records by designated persons.Chapter 7 Special provisions applying to credit and financial institutions (ss. 56-59)56. Measures for retrieval of information relating to business relationships.57. Group-wide policies and procedures.57A. Additional measures where implementation of policies and procedures is not possible.58. Anonymous accounts.59. Relationships between certain institutions and shell banks.Chapter 8 Monitoring of designated persons (ss. 60-83)60. Meaning of "competent authority".61. Agreements between competent authorities where more than one applicable.62. Meaning of "State competent authority".63. General functions of competent authorities.63A. Supervision.63B. Co-operation with Member State competent authorities.63C. Supervision by competent authorities.63D. Duties of competent authorities.63E. Reporting breaches to competent authority.64. Application of other enactments.65. Annual reporting.66. Request to bodies to provide names, addresses and other information relating to designated persons.67. Direction to furnish information or documents.68. Direction to provide explanation of documents.69. Purpose of direction under section 67 or 68.70. Self-incrimination (sections 67 and 68).71. Directions to comply with obligations under this Part.72. Appointment of authorised officers.73. Warrant of appointment.74. Powers may only be exercised for assisting State competent authority.75. General power of authorised officers to enter premises.76. Entry into residential premises only with permission or warrant.77. Power of authorised officers to do things at premises.78. Entry to premises and doing of things under warrant.79. Authorised officer may be accompanied by others.80. Offence to obstruct, interfere or fail to comply with request.81. Self-incrimination - questions of authorised officers.82. Production of documents or information not required in certain circumstances.83. Disclosure or production not to be treated as breach or to affect lien.Chapter 9 Authorisation of Trust or Company Service Providers (ss. 84-106)84. Interpretation (Chapter 9).85. Meaning of "fit and proper person".86. Authorisations held by partnerships.87. Prohibition on carrying on business of trust or company service provider without authorisation.88. Application for authorisation.89. Grant and refusal of applications for authorisation.90. Minister may impose conditions when granting an application for an authorisation.91. Terms of authorisation.92. Renewal of authorisation.93. Minister may amend authorisation.94. Offence to fail to comply with conditions or prescribed requirements.95. Holder of authorisation to ensure that principal officers and beneficial owners are fit and proper persons.96. Revocation of authorisation by Minister on application of holder.97. Revocation of authorisation other than on application of holder.98. Direction not to carry out business other than as directed.99. Minister to publish notice of revocation or direction.100. Appeals against decisions of Minister.101. Appeal Tribunals.101A. Appeal Tribunal.102. Provision of information by Garda Síochána as to whether or not person is fit and proper person.103. Extension of powers under Chapter 8 for purposes related to this Chapter.104. Register of persons holding authorisations.105. Minister to publish list of persons holding authorisations.106. Holders of authorisations to retain certain records.Chapter 9A Virtual Asset Service Providers (ss. 106A-106Y)106A. Interpretation.106B. Fit and proper person.106C. Registrations held by partnerships.106D. Scope of Bank’s supervision - performance of certain functions.106E. Obligation on virtual asset service providers to register with Bank.106F. Transitional provision for existing virtual asset service providers.106G. Application for registration.106H. Grant and refusal of applications for registration.106I. Bank may impose conditions when granting an application for registration.106J. Terms of registration.106K. Bank may amend registration.106L. Regulatory disclosure statement.106M. Offence to fail to comply with conditions or prescribed requirements.106N. Holder of registration to ensure that beneficial owners are fit and proper persons.106O. Revocation of registration by Bank on application of holder.106P. Revocation of registration other than on application of holder.106Q. Direction not to carry out business other than as directed.106R. Bank to publish notice of revocation.106S. Register of Virtual Asset Service Providers.106T. Restriction on acquisition of beneficial interest in holders of registrations.106U. Powers of Bank in relation to beneficial owners.106V. Obligation on holder of registration to report certain suspicions to Bank.106W. Provision of information by Garda Síochána as to whether or not person is fit and proper person.106X. Bank’s power to make regulations.106Y. Holders of registrations to retain certain records.Chapter 9B Designation of Classes of Express Trust (and Matters Related to Such Trusts) for Certain Purposes (ss. 106Z-106ZD)106Z. Purpose of Chapter.106ZA. Operation and interpretation (Chapter 9B).106ZB. Power to prescribe certain matters.106ZC. Relevant trust - designated meaning.106ZD. Beneficial owner in relation to relevant trusts - designated meaning.Chapter 10 Other (ss. 107-109E)107. Guidelines.107A. Defence.108. Minister may delegate certain functions under this Part.108A. Obligation for certain designated persons to register with Central Bank of Ireland.108B. Obligation for cheque cashing offices to register with Central Bank of Ireland.108C. Cancellation of registration and removal from register.108D. Notice of refusal or cancellation of registration and right to make representations.108E. Registration subject to conditions.108F. Person registered to ensure that principal officers and beneficial owners are fit and proper persons.108G. Direction not to carry out business other than as directed.108H. Provision of information by Garda Síochána as to whether or not person is fit and proper person.108I. Persons registered to retain certain records.109. Registration of persons directing private members' clubs.109A. Managers and beneficial owners of private members' clubs to hold certificates of fitness.109B. Application for certificate of fitness.109C. Grounds of refusal to grant certificate of fitness.109D. Duration of certificate of fitness.109E. Appeal where application for certificate of fitness is refused.Part 5 Miscellaneous (ss. 110-122)110. Service of documents.111. Offences - directors and others of bodies corporate and unincorporated bodies.112. Disclosure of information in good faith.113. Amendment of Bail Act 1997.114. Amendment of Central Bank Act 1942.114A. Prescribed amounts under section 33AQ of Central Bank Act 1942 in respect of certain contraventions.115. Amendment of Courts (Supplemental Provisions) Act 1961.116. Consequential amendment of Central Bank Act 1997.117. Consequential amendment of Criminal Justice Act 1994.118. Consequential amendment of Criminal Justice (Mutual Assistance) Act 2008.119. Consequential amendment of Criminal Justice (Theft and Fraud Offences) Act 2001.120. Consequential amendment of Investor Compensation Act 1998.121. Consequential amendment of Taxes Consolidation Act 1997.122. Consequential amendment of Taxi Regulation Act 2003.Schedule 1 Revocations of Statutory InstrumentsSchedule 2 Annex I to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on Access to the Activity of Credit Institutions and the Prudential Supervision of Credit Institutions and Investment Firms, Amending Directive 2002/87/EC and Repealing Directives 2006/48/EC and 2006/49/ECSchedule 3 Non-exhaustive list of factors suggesting potentially lower riskSchedule 4 Non-exhaustive list of factors suggesting potentially higher risk
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
30B. Application of risk assessment in applying customer due diligence.
(1) For the purposes of determining the extent of measures to be taken under subsections (2) and (2A) of section 33 and subsections (1) and (3) of section 35 a designated person shall identify and assess the risk of money laundering and terrorist financing in relation to the customer or transaction concerned, having regard to -
(a) the relevant business risk assessment,
(b) the matters specified in section 30A(2),
(c) any relevant risk variables, including at least the following:
(i) the purpose of an account or relationship;
(ii) the level of assets to be deposited by a customer or the size of transactions undertaken;
(iii) the regularity of transactions or duration of the business relationship;
(iv) any additional prescribed risk variable,
(d) the presence of any factor specified in Schedule 3 or prescribed under section 34A suggesting potentially lower risk,