Money Laundering Challenges in Ireland

Money Laundering in Ireland is a great challenge. Financial crimes, especially money laundering and terrorist financing, are an important problem all over the world. Weaknesses in financial systems increase the potential financial crime risks and money laundering techniques day by day. AML certification in Ireland plays a vital role. One of the countries facing money laundering risks is Ireland. Ireland aims to eliminate potential financial crime risks with its effective anti money laundering works, anti money laundering policy, and procedures

The 2010 Criminal Justice (Money Laundering and Terrorist Financing) Act entered into force in 2010. Ireland’s anti money laundering regulations law has been changed over time to comply with the European Union Directives (money laundering directive)  and Financial Action Task Force (FATF) recommendations. It would also help you to understand the essentials of blockchain technology. Let us understand the AML certification in Ireland.

AML Certification in Ireland

Money Laundering continues to hold high profile with the regulators and firms. Non-complaince with Anti-Money Laundering requirement can cause both significant reputation damage in Ireland.   So, Regtech Times Academy has launched a new course Certified Anti-Money Laundering Professional (CAMP).  This certification is very helpful for the aspirants in the AML domain. It will also help the aspirants to understand the industry as a whole, to develop the different type of AML skills. One of the major outcomes of this certificate program will be that you will increase your AML skills by getting certified.

Riskpro Learning offers multiple short-term online AML Certification courses:

  • Certification in Crypto Currency Laundering- As crypto currency is now becoming one of the trending concepts in every country.In Ireland the crypto currency is increasing. So the citizens of Ireland should get the knowledge of how crypto currency works. Riskpro Learning has launched Certification in Crypto Currency Laundering. This course is video-learning based course.
  • Certification in Trade Based Money Laundering-  Proceeds of crime are laundered through the international trade. This certification explains the different methods of trade and the informal value transfer systems. Trade-based money laundering (TBML) involves the exploitation of the international trade system for the purpose of transferring value and obscuring the true origins of illicit wealth. This course would give one the understanding of trade finance terms, how the risks are associated in trade based money laundering.

Contents of the AML certification courses

The AML certification courses would help one to understand practical as well as the theoritical aspects related to money laundering. The awareness of AML, Compliance is increasing globally.

While studing the Certification in Crypto Currency Laundering, the aspirants would grab the knowledge about the different aspects of crypto currency that are used, how the financial crimes in crypto currency are taking place, how the money is laundered by using the crypto currency.

The Certification in Trade Based Money Laundering gives the different aspect. It covers you with the overall knowledge of trade finance. It would also let one understand that how the trade is manipulated, ehat are the risk associated while doing the trade finance.

What Is Risk Assessment?

According to the Criminal Justice (Money Laundering and Terrorist Financing) Act, firms must conduct a risk assessment of money laundering and terrorist financing risks. In addition to this, the European Union, FATF and other local and international regulators agree that the foundation of an AML program is based on a risk-based approach. The purpose of risk assessment is to classify customers according to their risk levels and to apply a control process appropriate to each risk level.

Customer Due Diligence in Ireland

Sections 33 to 39 of CJA 2010 describe the “Customer Due Diligence”. It measures that companies must implement before starting a business relationship with customers. Customer Due Diligence procedures are one of the key keys to AML compliance in Ireland. According to CJA 2010 Section 33, firms can open the client account before the CDD is complete, but the client cannot take any action until the CDD is complete.

One of the Customer Due Diligence procedures is sanction, PEP and adverse media screening. Countries impose sanctions on individuals they want to restrict.  Therefore, companies must control their customers by applying sanction screening in the customer onboarding process.

PEP stands for “Politically Exposed Person”. PEPs have more opportunities for money laundering, corruption and bribery crimes than normal citizens, according to AML regulators. For this reason, PEPs are risky customers for financial institutions.  However, due to the high risks posed by PEPs. The companies need to detect PEPs in their customer account opening processes and apply a special AML program for them.

Ongoing Monitoring

Customers’ information and customer risk level may change over time. Therefore, ongoing monitoring is of great importance for AML compliance. Companies must apply CDD procedures at regular intervals to detect changing customer information and risks. If deemed necessary, High risk customers must apply Enhanced Due Diligence.