The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (the “AML Act 2018”) was signed into law on 14 November 2018 by the President of Ireland and the Fourth EU Money Laundering Directive (2015/849) is now fully transposed into national law.
The core provisions of the AML Act 2018 relate to customer due diligence (verifying a customer's identity and assessing risk). They oblige designated persons to carry out a business-wide risk assessment, as well as an individual assessment in relation to each business relationship. The AML Act 2018 also sets out the increased functions and powers of the Financial Intelligence Unit of the Garda Síochána (the Irish police force).
Read: The AML Act 2018