Following significant engagement with the Central Bank, the Irish Funds Industry Association (IFIA) has concluded industry specific anti money laundering guidelines.
It is important to note (see para 1 of the Sectoral Guidelines) that;
- These Guidelines should be
- read in conjunction with the published Core Guidelines on the prevention of the use of the financial system for the purpose of money
- laundering and terrorist financing” (“the Core Guidelines”) and
- reference should be made to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-13 (‘The Acts’).
- These guidelines do not constitute secondary legislation and Designated Persons must always refer directly to the Acts when ascertaining their statutory obligations.
- These guidelines are subordinate to the Acts and to the Core Guidelines referred to above.
- The Central Bank has confirmed that it will have regard to these guidelines, while they are current, in assessing compliance with the Acts by designated persons in the funds sector.”
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