Members are advised that the European Union (Money Laundering and Terrorist Financing) Regulations 2019 are expected to become effective from Tuesday, 19th November 2019.
The regulation places the supervision of designated persons (which includes Accountancy Firms) by their competent authority on a statutory footing. It requires competent authorities to adopt a risk-based approach to the exercise of its functions, including the consideration of the frequency and intensity of on-site and off-site supervision on the risk profile of firms and on the risks of money laundering and terrorist financing in the state.
It also requires Accountancy Firms to have in place appropriate procedures for their employees, or persons in a comparable position, to report a contravention of AML legislation internally through a specific, independent and anonymous channel.
We will keep members updated on this matter via the usual channels.