A new Bye Law 15, Anti-Money Laundering Regulations, becomes effective for CPA members from 1
st January 2022.
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, (the Act), provides the legislative framework for the combat of money laundering and terrorist financing (MLTF) in Ireland. The accountancy profession plays an important role within this framework and CPA members and firms who provides audit, accounting, tax and trust and company services are required under the Act to have in place specific policies and procedures to combat MLTF.
CPA Ireland is recognised as a competent authority under S.60 of the Act and under this legislation is required to effectively monitor and take measures that are reasonably necessary for the purpose of securing compliance by its members, with the requirements of the Act.
Members in Public Practice
The Act places obligations on CPA members who are considered “
designated persons” to guard against their businesses being used for money laundering or terrorist financing purposes and provides for the supervision of all “designated persons” by a competent authority.
“Designated persons” coming under the supervision of CPA Ireland include those members who are;
- auditors;
- external accountants;
- tax advisers;
- trust company service providers.
Those members currently holding CPA practising certificates are supervised under the Institute’s current Quality Assurance programme for AML purposes.
Members who provide services which render them a designated person under the Act, but which do not require them to hold a practising certificate in accordance with Bye Law 13, Practice and Audit Regulations, such as book-keeping services are required to register separately for AML purposes with CPA Ireland.
The introduction of Bye Law 15, Anti-Money Laundering Regulations, provides for the consolidation of the AML obligations of the Institute and its Members within one regulation.
Bye Law 15, AML Regulations.