August 9 2017
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; implementing the EU’s Fourth Money Laundering Directive and replacing the 2007 Regulations.
The 2017 Regulations signal a shift away from a prescriptive approach, towards one requiring regulated businesses to consider and act on the specific risk factors they face.
Who do the 2017 Regulations apply to?
The 2017 Regulations apply to: credit and financial institutions, auditors, insolvency practitioners, accountants and tax advisers, legal professionals, trust or company service providers, estate agents, high value dealers (earning at least €10,000 on a trade of goods) and gambling providers. Certain of the Regulations will also apply to auction platforms.