The enactment of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 places additional requirements on accountancy firms when performing customer due diligence checks on new clients. Under Section 8 of the Act, prior to the establishment of a business relationship with a customer which is a company or society, a designated person is obliged to check that information concerning the beneficial ownership of the customer is entered in the Register of Beneficial Ownership. Firms are advised that they update their procedures and checklists in this regard. Further information can be found on the RBO website here.