The Central Bank of Ireland has issued a Dear CEO letter to all Irish-regulated credit and financial institutions regarding compliance with anti-money laundering and counter-terrorism financing (“AML-CFT”) legislation.

The letter addresses the current level of compliance by firms with AML-CFT legislation and provides an overview of the control failures identified in the course of Central Bank inspections and highlights the importance of good governance in this area. The letter also reminds credit and financial institutions of the reputational risks Ireland faces from poor governance and compliance in respect of AML-CTF. A copy of the Letter is available on the Central Bank website.