Following significant engagement with the Central Bank, the Irish Funds Industry Association (IFIA) has concluded industry specific anti money laundering guidelines. It is important to note (see para 1 of the Sectoral Guidelines) that; “These Guidelines should be read in conjunction with the published Core Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” (“the Core Guidelines”) and reference should be made to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-13 (‘The Acts’). These guidelines do not constitute secondary legislation and Designated Persons must always refer directly to the Acts when ascertaining their statutory obligations. These guidelines are subordinate to the Acts and to the Core Guidelines referred to above.” 

Also of interest is that the Central Bank has confirmed that it will have regard to these guidelines, while they are current, in assessing compliance with the Acts by designated persons in the funds sector.”