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.