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Anti-money laundering

Anti-money laundering, in plain words.

The law that makes the businesses money can pass through check who their customers are, watch for anything suspicious, and report it. Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Law in Ireland since 2010, amended in 2013, 2018 and 2021 to bring in the EU's anti-money laundering directives. The EU's Anti-Money Laundering Regulation, (EU) 2024/1624, applies directly from 10 July 2027.

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Compliance, kept on every record

Who it covers

Designated persons (section 25): banks, payment and e-money firms and other financial institutions, auditors, external accountants, tax advisers, solicitors in certain work, trust and company service providers, property service providers, gambling providers, and dealers taking €10,000 or more in cash.

What it asks

  1. A risk assessment

    Write down the money laundering risks the business faces, and keep the assessment up to date (section 30A).

  2. Know the customer

    Check each customer's identity before doing business, monitor the relationship, and check harder for higher-risk customers such as politically exposed persons (sections 33, 35, 37 and 38A).

  3. Report a suspicion

    Report it to FIU Ireland and the Revenue Commissioners (section 42). Tipping the customer off is an offence (section 49).

  4. Policies, training and records

    Written policies, procedures and staff training (section 54), and records kept for five years (section 55).

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Also in the law

  1. Who supervises

    The Central Bank of Ireland for financial firms, the Department of Justice's Anti-Money Laundering Compliance Unit for many others, and the designated accountancy bodies and the Law Society for their members.

  2. The official text

    Act No. 6 of 2010 on the Irish Statute Book: https://www.irishstatutebook.ie/eli/2010/act/6/enacted/en/html

What Eurus keeps

Eurus's law register holds 7 duties from this law, each with what it asks, who it binds, what shows it, and the date it was read against the official text.

What the law library holds

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