Read ACCA's expectations and requirements of members concerning the Russian invasion of Ukraine
Domestic guidance on the implementation of sanctions is also available from the Department of Foreign Affairs (DFA). Additional sanctions are likely to be added at short notice, the web resources should be monitored closely for any updates.
The Department of Finance, Anti-Money Laundering/Terrorist Financing Unit, have said that they may request information from designated persons at short notice. The Dept. have also said that if your organisation, or any organisation you represent, has relevant information on the implementation of financial sanctions in Ireland, you are invited to contact email@example.com.
ACCA expects Irish firms to have established systems and controls to counter the risk that they might be used to further economic crime, including compliance with financial sanctions obligations.
Our expectations of firms’ systems and controls in relation to compliance with financial sanctions are set out in our technical release, Anti-Money Laundering Guidance, Republic of Ireland (PDF, 1.2MB), section 5.3.24 et. Seq. Note that updated Anti-Money Laundering Guidance, Republic of Ireland will issue shortly, but the guidance in respect of this specific issue will not materially change in the update.
Firms should follow their risk-based approach on how they screen current and new clients against the Financial Sanction Lists to meet these new sanctions measures. Note that the format used for the sanctions list used in the UK is more easily electronically searched and is likely to be the same as the EU list, so you may find it useful to check The UK Sanctions List first.
For further details on financial sanctions, you should contact the Central Bank of Ireland or, for trade and export sanctions, the Department of Enterprise, Trade and Employment (DETE).
If you require a licence to permit any activity that would otherwise be prohibited by sanctions regulations, you must contact the relevant department.
Applications must be made in advance of any business agreement or transaction taking place.
Firms should be aware that these sanctions are subject to change and should maintain up-to-date screening processes.