About the Department of Justice and Equality Anti-Money Laundering Compliance Unit (AMLCU)
The Anti-Money Laundering Compliance Unit has been established within the Department of Justice and Equality to administer the functions of a competent authority under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
In summary, the principal functions of the Unit are:
- to administer the authorisation process for Trust and Company Service Providers
- to administer the registration process for Private Members Gaming Clubs
- to undertake the general functions of compliance monitoring of those designated persons that are assigned by the Act to the Minister.
The general functions of competent authorities are outlined at s.63 (1) of the Act.
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
Section 63.— General functions of competent authorities
(1) A competent authority shall effectively monitor the designated persons for whom it is a competent authority and take measures that are reasonably necessary for the purpose of securing compliance by those designated persons with the requirements specified in this Part.
(2) The measures that are reasonably necessary include reporting to the Garda Síochána and Revenue Commissioners any knowledge or suspicion that the competent authority has that a designated person has been or is engaged in money laundering or terrorist financing.
(3) In determining, in any particular case, whether a designated person has complied with any of the requirements specified in this Part, a competent authority shall consider whether the person is able to demonstrate to the competent authority that the requirements have been met.
(4) A competent authority that, in the course of monitoring a designated person under this section, acquires any knowledge or forms any suspicion that another person has been or is engaged in money laundering or terrorist financing shall report that knowledge or suspicion to the Garda Síochána and Revenue Commissioners.
Competent authorities are required to effectively monitor the designated persons for whom it is a competent authority and take measures that are reasonably necessary for the purpose of securing compliance by those designated persons with the requirements specified in Act. The measures may include reporting to the Garda Síochána and Revenue Commissioners a knowledge or suspicion that a designated person has been or is engaged in money laundering or terrorist financing.
The Unit's compliance monitoring functions will involve making contact with designated persons to ensure that they are meeting their requirements under the Act. In certain cases it will be necessary to carry out inspections and these compliance inspections will be undertaken by authorised officers appointed by the Minister.
The AMLCU is also responsible for administering the authorisation process for trust or company service providers and for the registration process for persons who direct private members gaming clubs at which gambling activities are carried on.
What type of businesses will be subject to supervision by the AMLCU?
The businesses that are affected are referred to in the legislation as "designated persons" and the list covered is extensive and includes trust or company service providers, persons trading in goods for cash values of €15,000 or more, tax advisers and external accountants who are not already supervised by a competent authority. The legislation imposes requirements on designated businesses to provide to the fullest extent possible for the prevention of money laundering and terrorist financing.
See sectoral advice for businesses
The AMLCU is the State competent authority for the following businesses
- Auditors, External Accountants, Tax Advisers who are not already supervised by:
· a designated accountancy body,
· the Law Society of Ireland
· the General Council of the Bar of Ireland;
- Trust or Company Service Providers
Note: if the person is a member of a designated accountancy body, the designated accountancy body will be the competent authority.
- Private Members Gaming Clubs - A person who effectively directs a private members’ club at which gambling activities are carried on, but only in respect of those gambling activities,
- High Value Goods Dealers - Any trading in goods where cash payments of €15,000 are accepted, but only in respect of transactions involving payments, to the person in cash, of a total of at least €15,000 (whether in one transaction or in a series of transactions that are or appear to be linked to each other)
A "designated person" is defined in the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 s.25(1).
What is a Trust or Company Service Provider (TCSP)?
A trust or company service provider is defined in the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 as follows;
"trust or company service provider" means any person whose business it is to provide any of the following services:
- forming companies or other bodies corporate;
- acting as a director or secretary of a company under an arrangement with a person other than the company;
- arranging for another person to act as a director or secretary of a company;
- acting, or arranging for a person to act, as a partner of a partnership;
- providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership;
- acting, or arranging for another person to act, as a trustee of a trust;
- acting, or arranging for another person to act, as a nominee shareholder for a person other than a company whose securities are listed on a regulated market.