Financial Sanctions update March 2019
The Central Bank of Ireland (“Central Bank”) is responsible for the administration, supervision, and enforcement of relevant aspects of financial sanctions in Ireland. In carrying out this role, the Central Bank publishes updates on its website to assist firms in complying with the relevant regulations. Firms should ensure that they monitor the EU and UN websites and lists on a regular basis for any additional updates.
The Central Bank maintains the right to delete or modify in part or in full, any information on this site without prior notice.
Frozen Assets Return 2019
The Central Bank requests all regulated financial service providers in Ireland which have identified frozen assets in Ireland under EU Council Regulation relating to financial sanctions to complete the attached Sanctions Return Form to ensure all records maintained by the Central Bank are accurate and up to date. All completed forms must be submitted to email@example.com by Friday 22nd March 2019. The Sanctions Return Form can be found at the following link.
There is a legal obligation on all firms to comply with EU Council Regulations relating to financial sanctions as soon as they are adopted. Once a person or entity has been sanctioned under EU Financial Sanctions, firms are required by law, not to transfer funds or make funds or economic resources available, directly or indirectly, to that person or entity. The Central bank must be notified of any freezing of funds by a regulated financial service provider.
In order to subscribe to Financial Sanctions alerts please register on the Central Bank website
Other related matters
The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018
The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 commenced on 26 November 2018. The amended Act includes the insertion of Schedule 4, which sets out a non-exhaustive list of factors suggesting potentially higher risk. This list includes “countries subject to sanctions, embargos or similar measures issued by organisations such as, for example, the European Union or the United Nations; and countries (or geographical areas) providing funding or support for terrorist activities, or that have designated terrorist organisations operating within their country”.
Central Bank AML/CFT Guidelines
The draft Central Bank AML/CFT Guidelines which sets out the expectations of the Central Bank in respect of Firms compliance with their AML/CFT obligations following the enactment of the 2018 Act, together with a public consultation document, were published on 21 December 2018. The public consultation period will close on 5 April 2019.
Should you have any questions regarding this communication, please contact the Central Bank directly at:
Financial Sanctions Unit
Anti-Money Laundering Division
Central Bank of Ireland
New Wapping Street
North Wall Quay