Following significant engagement with the Central Bank, the Irish Funds Industry Association (IFIA) has concluded funds industry specific anti money laundering guidelines which will soon be published on the Department of Finance website. Pending publication, we attach the current version which is not likely to change in any material respect. Of particular assistance is Appendix 3 which details examples of Nominee and Intermediary Investments and possible approaches to CDD.
Paragraph 1 of the Sectoral Guidelines, states 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". Moreover, the Central Bank will have regard to these guidelines, while they are current, in assessing compliance with the Acts by designated persons in the funds sector.
The IFIA continues to engage with policy makers to secure a legislative amendment to provide for a risk based assessment for reliance on a third party in a third country. In addition, the IFIA is also reviewing developments in other jurisdictions to ensure the sectoral guidelines are robust and appropriate, and reflect international practices.