The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended (the Act), places obligations on 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”.
“Designated persons” coming under the supervision of the Institute of Certified Public Accountants in Ireland include those members who are;
- external accountants;
- tax advisers;
- trust or company service providers (TCSP)
Trust or Company Service provider is defined in the legislation as follows;
A person whose business it is to provide any of the following services:
a) forming companies or other corporate bodies
b) acting as a director or secretary of a company under an arrangement with a person other than the company
c) arranging for another person to act as a director or secretary of a company
d) acting, or arranging for a person to act, as a partner of a partnership
e) providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership
f) acting, or arranging for another person to act, as a trustee of a trust;
g) acting, or arranging for another person to act, as a nominee shareholder for a person other than a company whose securities are listed on a regulated market
Supervision of Trust Company Service Providers
Members holding CPA practising certificates in CPA regulated firms will be supervised for AML purposes, including their TCSP services through the quality assurance process. However members must ensure that all entities through which they provide TCSP services are registered with CPA Ireland. For example, if you have a company through which you provide TCSP services this entitiy must be registered with CPA Ireland. The CRO may request confirmation of your ongoing registration and supervision to facilitate the provision of TCSP services.
If you are a member without a practising certificate and are providing TCSP Services or you are a practising certificate holder and have a separate entity to provide TCSP services, you will need to register with CPA Ireland for supervisory purposes under the Act.
To register for AML purposes please complete an application form and return to email@example.com.