Ireland revises AML legislation

What is the name of the new anti-money laundering legislation, for the purpose of engagement letters?

The Criminal Justice Act

The Criminal Money Laundering and Terrorist Financing Acts 2010 and 2021

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021

The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021

Which of the following is not an example of a virtual asset?

Non-fungible tokens

Visa Debit card

Ethereum

Bitcoin

What will registration with the Central Bank disallow virtual asset service providers from doing?

Laundering money

Declaring themselves a large company for accounting and company law purposes

Availing themselves of audit exemption

Providing finance to terrorists

Which of the following has not either been brought in scope or had its designation or definition extended?

Tax advisors

Health professionals

Art dealers

Property service

What does the new Act state must trusts do if banks are to deal with them?

Banks are not allowed to deal with trusts any longer

Ensure beneficial ownership information in relation to trusts has been added to the register of beneficial ownership

Visit the trust's stated head office to ensure it exists

Meet in person with the trust's beneficiaries to ensure they are real

Which of the following transactions do not need their background and purpose examining?

Complex transactions

Transactions conducted in an unusual pattern

Unusually large transactions

All cross-border transactions

What has happened to the supervision period for politically exposed persons (PEPs)?

It has been reduced by six months

It has been extended to as long as is reasonably required to take into account the continuing risk posed by that person

It has been made entirely indefinite

It has been increased by one year

What do electronic money providers now have to do?

Customer identification for cards with a value of more than EUR1000

Customer identification by means of scanned copies of a passport

Customer identification and document retention for cards with a value of more than EUR150

Customer identification in all cases

What will purchasers of electronic money now have to do?

Provide their date of birth prior to being able to use the card

Provide their phone number before being able to use the card

Confirm their identity prior to being able to use the card

Provide proof of address prior to being able to use the card

Why has legislation around even small amounts of electronic money been tightened?

Because it takes a relatively small amount of money to finance terrorism

Because money is typically laundered in tiny amounts

Because using lots of small amounts of money is an AML red flag

Because money is typically laundered using gift cards

Ireland revises AML legislation

What is the name of the new anti-money laundering legislation, for the purpose of engagement letters?

Which of the following is not an example of a virtual asset?

What will registration with the Central Bank disallow virtual asset service providers from doing?

Which of the following has not either been brought in scope or had its designation or definition extended?

What does the new Act state must trusts do if banks are to deal with them?

Which of the following transactions do not need their background and purpose examining?

What has happened to the supervision period for politically exposed persons (PEPs)?

What do electronic money providers now have to do?

What will purchasers of electronic money now have to do?

Why has legislation around even small amounts of electronic money been tightened?

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