On 12 October 2012, the Central Bank of Ireland (the “Central Bank”) issued a “Dear CEO” letter to credit and financial institutions (together the “Firms”) in relation to compliance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“CJA 2010”).

This follows inspections carried out by the Central Bank to monitor anti-money laundering (“AML”) compliance by Irish firms (including investment funds and their service providers). 

The letter gives an overview of potential control weaknesses and failures identified during the Central Bank’s inspections. Additionally, the Central Bank outlines actions which it expects Firms to take should  such circumstances be identified and reminds Firms of the wider context of Ireland’s membership of the Financial Action Task Force.