In Quarter 1 2024, a sample of designated persons for Anti-money laundering (AML) purposes will be selected by CPA Ireland's QA team, for an AML review in order to assess their compliance with the relevant legislation, which includes but is not limited to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended. Common weaknesses identified in these reviews will be summarised and issued in Practice Plus to assist all designated persons comply with their obligations in this regard. Depending on the results, CPA may decide to conduct further reviews in 2024.
Per Bye Law 15, a designated person is;
“The Institute of Certified Public Accountants in Ireland (the Institute) is a competent authority under S.60 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended, (the Act) and is responsible for the supervision of its members and Firms who are considered to be designated persons under the Act.
A member or firm is considered to be a designated person only in respect of those activities or services that render the person a designated person. Typically for the purposes of a member of the Institute such services include audit, external accountancy, tax adviser, trust or company services.”
For further information regarding AML, please consult CPA Ireland’s
AML technical resource. This acts as a central point bringing together all guidance in a single location, to assist firms. It is a live resource which is regularly updated as new guidance is published.