On 6 December 2016, the Central Bank published the first in a series of AntiMoney Laundering (AML) bulletins. The purpose of the bulletins is to provide guidance and feedback to credit and financial institutions in applying ALM/ CFT and Financial Sanctions measures. The first publication deals with Third Party Reliance under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended by the Criminal Justice Act 2013) and the Central Bank lists its expectations in this regard including, in summary, that there is a signed agreement in place between the firm and the relevant third party; that firms only rely on third parties to perform Customer Due Diligence required by Sections 33 and 35(1); and that firms conduct regular assurance testing to ensure records are readily accessible and that the underlying documents meet the legislative requirements.

A link to the bulletin is here.