Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

57.

F78 [ Group-wide policies and procedures

57. (1) A designated person that is part of a group shall implement group-wide policies and procedures, including data protection policies and policies and procedures for sharing information within the group, for the purposes of carrying out customer due diligence and preventing and detecting the commission of money laundering and terrorist financing.

(2) A designated person incorporated in the State that operates a branch, majority-owned subsidiary or establishment in a place other than the State shall ensure that the branch, majority-owned subsidiary or establishment adopts and applies group-wide policies and procedures referred to in subsection (1) .

(3) Where a place referred to in subsection (2) , other than a Member State, is a place that does not permit the implementation of the policies and procedures required under subsection (1) the designated person shall

( a ) ensure that each of its branches and majority-owned subsidiaries in that place applies additional measures to effectively handle the risk of money laundering or terrorist financing, and

( b ) notify the competent authority for that designated person of the additional measures applied under paragraph (a) .

(4) A designated person incorporated in the State that operates a branch, majority-owned subsidiary or establishment in another Member State shall ensure that the branch, majority-owned subsidiary or establishment complies with the requirements of the Fourth Money Laundering Directive as they apply in that Member State.

(5) A designated person incorporated in the State that has a branch or majority-owned subsidiary located in a place, other than a Member State, in which the minimum requirements relating to the prevention and detection of money laundering and terrorist financing are less strict than those of the State shall ensure that the branch or majority-owned subsidiary implement the requirements of the State, including requirements relating to data protection, to the extent that the third country s law so allows.

(6) Subject to section 49 , a designated person that is part of a group that makes a report under section 42 shall share that report within the group for the purposes of preventing and detecting the commission of money laundering and terrorist financing unless otherwise instructed by FIU Ireland.

(7) A designated person that fails to comply with this section commits an offence and is liable

( a ) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or

( b ) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both). ]

Annotations:

Amendments:

F78

Substituted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 29, S.I. No. 486 of 2018.

Editorial Notes:

E31

A class A fine is defined as a fine not exceeding €5,000 (4.01.2011) by Fines Act 2010 (8/2010), s. 3, S.I. No. 662 of 2010.