AML/CTF Review

Independent AML/CFT review

An AML/CFT review is an external independent review of your financial institution’s processes, procedures and documents relating to the prevention of money laundering and countering the financing of terrorist activities against the requirements of The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The output is a report highlighting the key areas of good practice and areas for improvement.

AML/CFT compliance is key area of focus for the Central Bank

The Central Bank recently published a “Dear CEO” Letter to Schedule 2 firms outlining the low level of compliance with Anti-Money Laundering and Counter Financing of Terrorism obligations. Key failings included:

• Overall lack of compliance by Schedule 2 Firms with AML/CFT obligations
• Boards fail to demonstrate responsibility for ensuring the implementation and ongoing oversight of AML/CFT control framework
• Lack of ongoing and clear assessment and documentation of money laundering and terrorist financing risks specific to each firm’s own business activities and customers
• Failure to implement and updated firm-specific AML/CFT policies and procedures.

Benchmark your AML/CFT

Benchmark your AML/CFT now – do not wait until the regulator comes knocking!

You may choose to outsource AML/CFT activities to third party service providers, however Boards cannot outsource the responsibility for compliance.

The Central Bank confirmed they will continue to engage directly with those firms where compliance weaknesses and failures have been identified to ensure that they are addressed.