The purpose of an inspection by an Authorised Officer of the AMLCU is to:

At inspection Authorised Officers will have identification and a warrant of appointment. They may or may not be accompanied. If accompanied, they may be accompanied by other Authorised Officers, members of An Garda Síochána or other persons considered appropriate by the Authorised Officer.

At an inspection of a High Value Goods Dealer (HVGD) the Authorised Officer will:

  • expect the HVGD to be in a position to demonstrate full compliance with their obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). This can be achieved through business specific written policies and procedures including the display of the AMLCU suggested Customer Notice.
  • conduct an examination of transaction records and related documentation to ensure that customer due diligence and the reporting of suspicious transactions are being properly applied and the required records maintained.
  • expect the HVGD to be in a position to demonstrate that all relevant staff have received sufficient training on their money laundering obligations and the importance of being able to recognise and deal appropriately with suspicious activity.

The type of anti-money laundering records that need to be available at inspection includes:

  • Policies and procedures
  • Business risk assessment
  • Staff training manuals
  • Internal and external audits of compliance with anti-money laundering procedures and controls
  • Bank statements relating to the business
  • Customer/transaction records – evidence of the checks made in line with Customer Due Diligence requirements

In advance of an inspection the Trust or Company Service Provider (TCSP) will be asked to complete an Anti-Money Laundering Compliance Questionnaire.

At inspection the Authorised Officer will:

  • expect the TCSP to be able to demonstrate full compliance with their obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended)
  • require the TCSP to have a full list of customers available for inspection together with details of the steps taken to comply with customer due diligence and monitoring requirements for each customer.
  • expect the TCSP to have undertaken a risk assessment of its customers.
  • examine and assess anti-money laundering policies and procedures and the systems put in place to manage and monitor compliance.
  • examine transaction records and related documentation to check that customer due diligence has been undertaken and that reporting suspicious transactions measures are being properly applied.
  • expect the TCSP to be able to show that all persons connected with the delivery of the TCSP are sufficiently trained with regard to all their obligations under the Act and to recognise and deal appropriately with suspicious activity.
At the inspection the Authorised Officer will:

  • expect the Tax Advisers/external Accountants to be able to demonstrate full compliance with obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended)
  • require the Tax Advisers/external Accountants to have a full list of customers available for inspection together with details of the steps taken to comply with customer due diligence and monitoring requirements for each customer.
  • examine and assess anti-money laundering policies and procedures and the systems put in place to manage and monitor compliance.

At inspection the Authorised Officer will:

  • expect the PMCs to be able to demonstrate full compliance with their obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended)
  • examine and assess anti-money laundering policies and procedures and the systems put in place to manage and monitor compliance.
  • examine transaction records and related documentation to check that customer due diligence (CDD) has been undertaken and that reporting suspicious transactions measures are being properly applied.
  • expect the PMCs to be able to demonstrate that all relevant staff members are sufficiently trained with regard to the requirements of the Acts.

It should be noted that:

  • PMCs must identify all customers and their identity verified if they purchase or exchange ‘chips’ with a value of €2,000 or more.
  • CDD also applies to a series of linked transactions in the amount of €2,000 or more.

After completing the inspection the Authorised Officer will advise of any areas of immediate concern.

This will be followed by a letter from the State Competent Authority advising of all or any actions needed to be taken to ensure full compliance with the legislation.

Unless there has been a serious breach that requires immediate action, a reasonable period of time will be given to take whatever action or actions that are required to ensure compliance.

The Authorised Officer may decide to carry out a further inspection at a later date to concentrate on areas of concern identified.

Failure to comply with any request by an Authorised Officer is an offence under the Act. This could result in a liability, on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both).