The Criminal Justice (Money Laundering & Terrorist Financing) (Amendment) Bill 2018 has passed the Second Stage in the Dáil and was referred to the Select Committee on Justice and Equality for Committee Stage. The final draft of 5MLD has now been signed by both the Council and the Parliament, but it has not yet been published in the Official Journal.
The Bill focuses on customer due diligence and obliges 'designated persons' – such as banks – to assess money laundering risks on a business-wide basis. Such persons must also assess each individual business relationship for risks of money laundering. The Bill adds to the matters that must be dealt with in the designated person's anti-money laundering policies and procedures and introduces a requirement for these to be introduced group-wide.
The Bill also expands the role of the Financial Intelligence Unit, which receives information from designated persons about suspicious transactions. 'Politically exposed persons' will include those holding political offices within Ireland as well as abroad. The Bill creates additional requirements for designated persons to identify and verify the identity of beneficial owners of the customer with whom the designated person deals.