New requirements for firms to register with the Central Bank of Ireland

• New requirements require certain unregulated firms to register with Central Bank for anti-money laundering purposes
• Financial leasing, factoring , safe custody and other services effected
• Further guidance published

From  26 November 2018, firms offering certain services are required to register for anti-money laundering purposes with the Central Bank of Ireland under new provisions introduced by the Criminal Justice (Money Laundering and Terrorist Financing), (Amendment) Act 2018.

If a firm offers any of the following services and it is not otherwise authorised or licensed to carry on business by the Central Bank, then it may need to register: 

Activities requiring registration

1. Lending including inter alia: consumer credit, credit agreements relating to immovable property, factoring, with or without recourse, financing of commercial transactions (including forfeiting).
2. Financial leasing.
3. Payment services as defined in Article 4(3) of Directive 2007/64/EC of the European Parliament and of the Council of 13 November 200714 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.
4. Issuing and administering other means of payment (e.g. travellers’ cheques and bankers’ drafts) insofar as such activity is not covered by point 3.
5. Guarantees and commitments.
6. Trading for own account or for account of customers in any of the following:
   1. money market instruments (cheques, bills, certificates of deposit, etc.);
   2. foreign exchange;
   3. financial futures and options;
   4. exchange and interest-rate instruments;
   5. transferable securities.
7. Participation in securities issues and the provision of services relating to such issues.
8. Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings.
9. Money broking.
10. Portfolio management and advice.
11. Safekeeping and administration of securities.
12. Safe custody services.
13. Issuing electronic money.

More information on registration obligations, exemptions to registration and the registration process is available - Schedule 2 Firms - Registration for Anti-Money Laundering Purposes

Notes

• The law in Ireland on anti-money laundering and the countering of the financing of terrorism is governed by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013 and the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (‘the Act’).
• The Central Bank of Ireland (the ‘Central Bank’) is the competent authority in Ireland for the monitoring and supervision of financial and credit institutions’ compliance with their obligations under the Act.  The Central Bank is empowered to take measures that are reasonably necessary to ensure that credit and financial institutions comply with the provisions of the Act.
• From 26 November 2018, Section 108A. of the Criminal Justice (Money Laundering and Terrorist Financing), (Amendment) Act 2018 introduced a statutory requirement for certain firms to register for anti-money laundering purposes with the Central Bank