Central Bank of Ireland Imposes New Requirements for Business Registration

The Central Bank of Ireland has mandated firms offering certain services to register with them for anti-money laundering purposes.

November 28, 2018 | AtoZ Markets– Firms offering certain services have been required to register with the Irish central bank for anti-money laundering purposes. This newly-added requirements fall under the new provisions introduced by the ”Criminal Justice (Money laundering and Terrorist Financing), (Amendment) Act 2018”. On its website, the bank listed services that needed their authorization and license. Thus, the firms that offer these services are mandated to register with the bank from 26th November 2018.

Activities/Services that require registration

According to the Irish apex bank, the following services require registration:

Lending, including inter alia: consumer credit, credit agreements relating to immovable property, factoring, with or without recourse, financing of commercial transactions (including forfeiting).

Financial leasing.

Payment services as defined in Article 4(3) of Directive 2007/64/EC of the European Parliament and of the Council of 13 November 200714 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.

Issuing and administering other means of payment (e.g. travelers’ cheques and bankers’ drafts) insofar as such activity is not covered by point 3.

Guarantees and commitments.

Trading for own account or for account of customers in any of the following:

money market instruments (cheques, bills, certificates of deposit, etc.);

foreign exchange;

financial futures and options;

exchange and interest-rate instruments;

transferable securities.

Participation in securities issues and the provision of services relating to such issues.

Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings.

Money broking.

Portfolio management and advice.

Safekeeping and administration of securities.

Safe custody services.

Issuing electronic money

Affected or interested firms are expected to get more information on registration process and other details on a page provided by the bank.

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