New Legislative Arrangements – Administrative Sanctions, effective 30 June 2026
New legislation has come into force on 30 June 2026 enabling Administrative Sanctions to be applied to Designated Persons found in breach of their AMLTF obligations (European Union (Money Laundering and Terrorist Financing) (Administrative Sanctions) Regulations 2026). Full details of this legislation are available at https://www.irishstatutebook.ie/eli/2026/si/307/made/en/pdf
TCSPs, as authorised and supervised by the AMLCU, should be aware that, as well as the existing criminal offences provided for under the Act, this new legislation introduces a range, type and value of financial penalties that may be applied to them for specific breaches of AMLTF law. Compliance with the law will avoid such penalties.