Under Section 25 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 a ‘designated person’ is defined as including tax advisers/external Accountants i.e. persons who are not regulated by a designated competent authorityproviding the following services:
- Tax Advice
- Tax Returns
What you need to do:
- You must apply Customer Due Diligence (CDD) to all your clients.
This means that you must get:
- a copy of the client’s photo I.D. (i.e. a passport or driving licence) and
- a recent utility bill in the name of the customer.
You must keep these documents on file with the Accounts for inspection by an Authorised Officer of the Anti-Money Laundering Compliance Unit (AMLCU).
- You must keep an anti-money laundering (AML) file containing information on money laundering e.g. policies, guides, correspondence, etc.
- If you consider a transaction by your client to be suspicious you must report it, using the Suspicious Transactions Report form, to An Garda Síochána and to the Revenue Commissioners.
Points to note:
- Should you have any knowledge, suspicion or reasonable grounds for suspicion, on the basis of information obtained through business activities, that another person is engaging in money laundering or terrorist financing you are required to report your knowledge or suspicions to An Garda Síochána and the Revenue Commissioners using a ‘Suspicious Transactions Report form’ (STR) form.
- Where you submit a STR form you should note that it is an offence to make any disclosure ‘that is likely to prejudice an investigation’ to anyone other than An Garda Síochána and the Revenue Commissioners’.