On 19 August, the Central Bank published a special edition of the Intermediary Times which contains updates in respect of compliance topics and supervisory priorities for 2016. It sets out the results of the Central Bank’s on-site inspections of retail intermediaries’ compliance with their Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) obligations. The special edition sets out what the Central Bank expects to see in place when it carries out its AML/CTF inspections and sets out the key issues identified from the inspections undertaken.
The variety in size, from subsidiaries of large multi-nationals/insurance companies/credit institutions to oneperson operations, and legal structure of firms makes the retail intermediary sector very diverse. The Central Bank has regard to the nature and size of each retail intermediary therefore when carrying out AML/CTF on-site inspections.
For the retail intermediaries who had an on-site inspection, in general, a satisfactory level of AML/CTF processes and controls were found to be in place.
The Central Bank identified money laundering/terrorist financing risk assessment, customer due diligence and on-going monitoring, training, and policies and procedures as areas that retail intermediaries could make improvements to increase the effective management of money laundering and terrorist financing risks and to strengthen their existing AML/ CTF control framework.
A link to the Intermediary Times can be found here.