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The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018

14 December 2018

On 14 November 2018, legislation was enacted to fully transpose the Fourth Anti Money Laundering Directive (MLD4) into Irish law.

Some of the main reforms are:

• the definition of persons to be considered beneficial owners of bodies corporate, trusts and partnerships is expanded;

• designated persons are required to conduct business risk assessments as part of customer due diligence (CDD) processes and are required to more comprehensively monitor business relationships;

• the definition of politically exposed persons (PEPs) now includes individuals residing inside the State; and

• exemptions relating to certain electronic money products have been tightened.