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Pension scheme trustee services provided on a commercial basis must now first obtain authorisation

This update was first published in the March 2011 Ireland edition of Accounting and Business magazine

Pension trustees who provide pension scheme trustee services on a commercial basis must now obtain an authorisation to do so from the Anti-Money Laundering Compliance Unit, established within the Department of Justice and Law Reform.

The relevant legislation, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, applies to persons whose profession or business it is to provide trustee services on a commercial basis and does not apply to pension scheme trustees who are directors or employees of the scheme, or to employer or pensioners of the scheme.

The requirements to obtain authorisation do not extend to: a member of a designated accountancy body; a barrister or solicitor; or a credit institution or financial institution.

Aidan Clifford, advisory services manager, ACCA

Last updated: 19 Mar 2014