Ireland

Plain English

Section 17 authorizes a superintendent-or-higher Garda member, on the stated reasonable-necessity basis, to direct a person in writing not to carry out a specified service or transaction for up to 7 days while preliminary investigations assess whether it would comprise or assist money laundering or terrorist financing. A District Court judge may make an order for up to 28 days on sworn information and the stated suspicion/investigation conditions; the same transaction may be subject to more than one order. The application is ex parte and heard otherwise than in public. A person who receives and is subject to the direction/order must comply; non-compliance is an offence with the stated penalties. Compliance is not treated as breach of another enactment or rule of law. This is an individualized stop instruction, not a general freeze or universal screening duty.

Obligation

A person subject to a written direction under section 17(1) or an order under section 17(2) must not carry out the specified service or transaction during the specified period. A Garda direction may last no more than 7 days; a District Court order may last no more than 28 days and may be made more than once. Failure to comply is an offence; the section states summary and indictment penalties. Compliance is not treated as breach of another enactment or rule of law.

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

This provision sets a business-wide risk-assessment duty for designated persons. It specifies minimum risk factors and information sources, requires documentation subject to a notified competent-authority exception, requires updates under the person’s section 54 arrangements and senior-management approval, and allows the competent authority to request records. The statutory perimeter is the Act’s “designated person” definition, not every firm by default.

Obligation

Each designated person must assess ML/TF risks in its business, taking account of at least the listed customer, product/service, geographic, transaction and delivery-channel factors and any prescribed additions; have regard to the relevant national risk assessment, competent-authority guidance and specified EU supervisory guidelines; document the assessment unless the stated notified competent-authority exception applies; keep it and related records up to date under section 54 procedures; obtain senior-management approval; and provide records to its competent authority on request. The section states an offence and penalties for non-compliance.

Assess Retain records

Applies to

Firm types

All relevant persons

Business lines

All business lines

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

This section connects customer- and transaction-level risk assessment to the extent of specified CDD measures. It requires consideration of listed risk inputs but does not itself prescribe a universal scoring method, document set or automatic outcome. Written documentation is required when the competent authority directs it, including a class direction by a State competent authority.

Obligation

For the specified extent-of-CDD decisions under sections 33 and 35, a designated person must assess ML/TF risk for the customer or transaction using its business risk assessment, the section 30A(2) information sources, specified account/asset/transaction/relationship variables, lower-risk factors under Schedule 3 or section 34A, Schedule 4 factors and prescribed higher-risk factors. The assessment must be documented when the competent authority directs; a State competent authority may direct a class in writing. Failure to document as directed is an offence with stated penalties.

Assess Retain records

Applies to

Firm types

All relevant persons

Business lines

All business lines

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A designated person must apply customer and beneficial-owner identification measures at the statutory triggers: before a business relationship or occasional transaction; before another service when the stated risk circumstances give reasonable grounds for ML/TF suspicion; before service when identity evidence is reasonably doubted; at other times when risk warrants; and when legally required to contact a customer to review beneficial-owner information. Measures include identifying/verifying the customer, identifying beneficial owners and taking risk-warranted steps to know who they are and understand ownership/control; verifying a representative’s authority and identity; and recording verification of a senior managing official where that fallback applies. Government-source documents are examples, not an exhaustive universal document list. Limited delayed verification is allowed only under the stated no-disruption/no-real-risk conditions and must finish as soon as practicable; a credit/financial institution may open an account before verification only if no transactions occur before it. Additional insurance beneficiaries and trust-beneficiary rules apply at designation, payout, assignment or vesting as specified. If customer failure prevents the measures, the designated person must stop the service/transaction and discontinue the relationship while the failure persists, subject to the express legal-position/representation exception. Non-compliance is an offence.

Obligation

A designated person must apply customer and beneficial-owner identification measures at the statutory triggers: before a business relationship or occasional transaction; before another service when the stated risk circumstances give reasonable grounds for ML/TF suspicion; before service when identity evidence is reasonably doubted; at other times when risk warrants; and when legally required to contact a customer to review beneficial-owner information. Measures include identifying/verifying the customer, identifying beneficial owners and taking risk-warranted steps to know who they are and understand ownership/control; verifying a representative’s authority and identity; and recording verification of a senior managing official where that fallback applies. Government-source documents are examples, not an exhaustive universal document list. Limited delayed verification is allowed only under the stated no-disruption/no-real-risk conditions and must finish as soon as practicable; a credit/financial institution may open an account before verification only if no transactions occur before it. Additional insurance beneficiaries and trust-beneficiary rules apply at designation, payout, assignment or vesting as specified. If customer failure prevents the measures, the designated person must stop the service/transaction and discontinue the relationship while the failure persists, subject to the express legal-position/representation exception. Non-compliance is an offence.

Collect information Verify Assess Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

Section 33A provides a conditional derogation from the measures specified in subsection (2) or (2A) of section 33, or section 35, for specified electronic-money instruments; it remains subject to section 33(1)(c) and (d), including the suspicion and identity-evidence-doubt triggers. Conditions include non-reloadability or the stated domestic-only monthly limit (no more than €150), stored value no more than €150, use only to buy goods or services, no funding with anonymous e-money, issuer monitoring capable of detecting unusual or suspicious activity, no cash redemption/withdrawal over €50, and no remote payment over €50. The derogation is unavailable for a customer established/resident in a high-risk third country or where section 37 measures apply. Separately, a credit or financial institution acting as an acquirer must not accept an anonymous prepaid card issued outside a Member State unless the instrument complies with both subsections (1) and (2). These are dated-source conditions, not verified current thresholds.

Obligation

Section 33A provides a conditional derogation from the measures specified in subsection (2) or (2A) of section 33, or section 35, for specified electronic-money instruments; it remains subject to section 33(1)(c) and (d), including the suspicion and identity-evidence-doubt triggers. Conditions include non-reloadability or the stated domestic-only monthly limit (no more than €150), stored value no more than €150, use only to buy goods or services, no funding with anonymous e-money, issuer monitoring capable of detecting unusual or suspicious activity, no cash redemption/withdrawal over €50, and no remote payment over €50. The derogation is unavailable for a customer established/resident in a high-risk third country or where section 37 measures apply. Separately, a credit or financial institution acting as an acquirer must not accept an anonymous prepaid card issued outside a Member State unless the instrument complies with both subsections (1) and (2). These are dated-source conditions, not verified current thresholds.

Prohibited action

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A designated person may apply the measures in sections 33(2) and 35 with manner, extent and timing reasonably warranted by a lower ML/TF risk only where its business risk assessment identifies a lower-risk area and it considers the relationship/transaction lower risk. It must consider relevant national-risk-assessment and competent-authority information, Schedule 3 factors and prescribed additions. When using simplified due diligence it must record the reasons and supporting evidence and monitor sufficiently to detect unusual or suspicious transactions. This is a conditional option, not automatic exemption from CDD.

Obligation

A designated person may apply the measures in sections 33(2) and 35 with manner, extent and timing reasonably warranted by a lower ML/TF risk only where its business risk assessment identifies a lower-risk area and it considers the relationship/transaction lower risk. It must consider relevant national-risk-assessment and competent-authority information, Schedule 3 factors and prescribed additions. When using simplified due diligence it must record the reasons and supporting evidence and monitor sufficiently to detect unusual or suspicious transactions. This is a conditional option, not automatic exemption from CDD.

Assess Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

Before establishing a business relationship, the designated person must obtain purpose/intended-nature information to the extent reasonably warranted by risk. If customer failure prevents obtaining it, the service cannot be provided while failure continues, subject to section 33(8A): neither cessation rule prevents a relevant independent legal professional or relevant professional adviser from ascertaining a person's legal position or defending or representing a person in or in relation to civil or criminal proceedings, including advice on instituting or avoiding proceedings. This is not a general professional-services exception. The designated person must monitor the relationship risk-proportionately. Before specified trust or corporate relationships, it must ascertain the beneficial-owner information is entered in the applicable register. Credit/financial institutions may open the account before that register check only if no transactions occur before the check. Breach is an offence.

Obligation

Before establishing a business relationship, the designated person must obtain purpose/intended-nature information to the extent reasonably warranted by risk. If customer failure prevents obtaining it, the service cannot be provided while failure continues, subject to section 33(8A): neither cessation rule prevents a relevant independent legal professional or relevant professional adviser from ascertaining a person's legal position or defending or representing a person in or in relation to civil or criminal proceedings, including advice on instituting or avoiding proceedings. This is not a general professional-services exception. The designated person must monitor the relationship risk-proportionately. Before specified trust or corporate relationships, it must ascertain the beneficial-owner information is entered in the applicable register. Credit/financial institutions may open the account before that register check only if no transactions occur before the check. Breach is an offence.

Collect information Assess Verify

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Section 35(2) is expressly subject to section 33(8A): neither cessation rule prevents a relevant independent legal professional or relevant professional adviser from ascertaining a person's legal position or defending/representing a person in or in relation to civil or criminal proceedings, including advice on instituting or avoiding proceedings. This does not extend to all professional services.

Plain English

As far as possible and under its section 54 policies/procedures, a designated person must examine the background and purpose of transactions that are complex, unusually large, conducted in an unusual pattern, or lack an apparent economic or lawful purpose. It must increase the degree and nature of relationship monitoring to determine whether they appear suspicious. The section states an offence and penalties.

Obligation

As far as possible and under its section 54 policies/procedures, a designated person must examine the background and purpose of transactions that are complex, unusually large, conducted in an unusual pattern, or lack an apparent economic or lawful purpose. It must increase the degree and nature of relationship monitoring to determine whether they appear suspicious. The section states an offence and penalties.

Assess

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A designated person must take risk-warranted steps to determine whether a customer, connected beneficial owner, life/investment-assurance beneficiary or that beneficiary’s beneficial owner is a PEP, immediate family member or close associate. Screening occurs before the relationship/occasional transaction or before policy payout/assignment, as applicable. If the person knows or has reasonable grounds to believe the customer or connected beneficial owner is within scope, senior-management approval is required before establishing/continuing the relationship, source of wealth/funds must be determined for the stated transactions, and enhanced monitoring applies; the measures continue while reasonably required by continuing PEP-specific risk. Specified account-opening-before-screening permission bars transactions until screening/approval. Higher-risk policy-beneficiary cases require informing senior management before payout and enhanced scrutiny. Customer non-cooperation triggers stopping services/transactions and ending the relationship while it continues. The provision defines PEPs by prominent public function within the preceding 12 months, with listed categories and exclusion of middle-ranking or junior officials, and defines family/close associates.

Obligation

A designated person must take risk-warranted steps to determine whether a customer, connected beneficial owner, life/investment-assurance beneficiary or that beneficiary’s beneficial owner is a PEP, immediate family member or close associate. Screening occurs before the relationship/occasional transaction or before policy payout/assignment, as applicable. If the person knows or has reasonable grounds to believe the customer or connected beneficial owner is within scope, senior-management approval is required before establishing/continuing the relationship, source of wealth/funds must be determined for the stated transactions, and enhanced monitoring applies; the measures continue while reasonably required by continuing PEP-specific risk. Specified account-opening-before-screening permission bars transactions until screening/approval. Higher-risk policy-beneficiary cases require informing senior management before payout and enhanced scrutiny. Customer non-cooperation triggers stopping services/transactions and ending the relationship while it continues. The provision defines PEPs by prominent public function within the preceding 12 months, with listed categories and exclusion of middle-ranking or junior officials, and defines family/close associates.

Assess Verify

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A credit or financial institution must not enter a payment-execution correspondent relationship with another credit/financial institution until it has gathered enough information to understand the respondent’s business; reasonably assessed its reputation and supervision as sound using public information; assessed its AML/CFT controls as sound; obtained senior-management approval; and documented each party’s control responsibilities. For a payable-through account, it must also be reasonably satisfied that the respondent identified and verified its customers, can supply the underlying evidence on request, and applies equivalent purpose/intended-nature and monitoring measures. Breach is an offence.

Obligation

A credit or financial institution must not enter a payment-execution correspondent relationship with another credit/financial institution until it has gathered enough information to understand the respondent’s business; reasonably assessed its reputation and supervision as sound using public information; assessed its AML/CFT controls as sound; obtained senior-management approval; and documented each party’s control responsibilities. For a payable-through account, it must also be reasonably satisfied that the respondent identified and verified its customers, can supply the underlying evidence on request, and applies equivalent purpose/intended-nature and monitoring measures. Breach is an offence.

Assess Verify Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

For a customer established or resident in a high-risk third country, a designated person must apply the listed additional controls: obtain further customer/beneficial-owner, relationship-purpose, source-of-funds/wealth and transaction-reason information; obtain senior-management approval to establish/continue the relationship; and enhance monitoring. A limited exception from those additional measures applies only to a branch or majority-owned subsidiary where all three subsection (2) conditions are met: the customer is one of the specified group entities; the relevant parent designated person is established in a Member State; and the branch or majority-owned subsidiary complies with the group-wide policies and procedures adopted in accordance with Article 45. Under subsection (3), the designated person dealing with that customer must still assess risk under section 30B and apply this chapter’s customer due diligence to the extent reasonably warranted. These residual duties belong to the designated person, not the qualifying group-customer entity. Non-compliance is an offence.

Obligation

For a customer established or resident in a high-risk third country, a designated person must apply the listed additional controls: obtain further customer/beneficial-owner, relationship-purpose, source-of-funds/wealth and transaction-reason information; obtain senior-management approval to establish/continue the relationship; and enhance monitoring. A limited exception from those additional measures applies only to a branch or majority-owned subsidiary where all three subsection (2) conditions are met: the customer is one of the specified group entities; the relevant parent designated person is established in a Member State; and the branch or majority-owned subsidiary complies with the group-wide policies and procedures adopted in accordance with Article 45. Under subsection (3), the designated person dealing with that customer must still assess risk under section 30B and apply this chapter’s customer due diligence to the extent reasonably warranted. These residual duties belong to the designated person, not the qualifying group-customer entity. Non-compliance is an offence.

Collect information Assess Verify Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

Despite the retained heading’s historical “discretion” wording, the operative text in the revised section states that a designated person shall apply additional risk-management/mitigation measures to a business relationship or transaction presenting higher risk. The higher-risk determination uses the reasonable-person test and factors in section 30B(1); Schedule 4 and additional prescribed factors inform the assessment. The section states an offence and penalties.

Obligation

Despite the retained heading’s historical “discretion” wording, the operative text in the revised section states that a designated person shall apply additional risk-management/mitigation measures to a business relationship or transaction presenting higher risk. The higher-risk determination uses the reasonable-person test and factors in section 30B(1); Schedule 4 and additional prescribed factors inform the assessment. The section states an offence and penalties.

Assess

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A designated person may rely on a “relevant third party” for section 33 or section 35(1) CDD only if the third party falls within the statutory classes and the required arrangement exists. Under section 40(4), that arrangement is a prerequisite, followed by either (a) the qualifying group conditions in subsection (1A)(a)-(c), or (b) the basis that the third party will forward the customer documents/information as soon as practicable if the designated person requests them. Prompt forwarding is therefore not a universal condition where the group route applies. The relying designated person remains liable for any failure. An outsourcing provider or agent is not a “relevant third party” for this reliance route, though they may perform measures if the designated person remains liable.

Obligation

A designated person may rely on a “relevant third party” for section 33 or section 35(1) CDD only if the third party falls within the statutory classes and the required arrangement exists. Under section 40(4), that arrangement is a prerequisite, followed by either (a) the qualifying group conditions in subsection (1A)(a)-(c), or (b) the basis that the third party will forward the customer documents/information as soon as practicable if the designated person requests them. Prompt forwarding is therefore not a universal condition where the group route applies. The relying designated person remains liable for any failure. An outsourcing provider or agent is not a “relevant third party” for this reliance route, though they may perform measures if the designated person remains liable.

Collect information Verify Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A Garda member of FIU Ireland has access to the central registers specified by the referenced Directive and may request register information for ML/TF purposes. The member may also request financial, administrative or law-enforcement information in writing from a designated person, competent authority, Revenue Commissioners or the named employment/social-protection Minister. A designated person who, without reasonable excuse, fails to comply with a subsection (2) or (3) request commits an offence with the stated summary or indictment penalties. The request power is not a universal periodic filing obligation.

Obligation

A Garda member of FIU Ireland has access to the central registers specified by the referenced Directive and may request register information for ML/TF purposes. The member may also request financial, administrative or law-enforcement information in writing from a designated person, competent authority, Revenue Commissioners or the named employment/social-protection Minister. A designated person who, without reasonable excuse, fails to comply with a subsection (2) or (3) request commits an offence with the stated summary or indictment penalties. The request power is not a universal periodic filing obligation.

Collect information

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Not recorded

Exceptions

Not recorded

Plain English

A designated person must report to FIU Ireland and the Revenue Commissioners when business-derived information gives actual knowledge, suspicion or reasonable grounds to suspect that another person is or has been engaged in money laundering or terrorist financing. Reports are due as soon as practicable, must contain specified known information, and must be supplemented promptly when requested. Failure to complete listed customer measures because the customer withholds documents may support reasonable grounds, but is not the exclusive basis for suspicion. Before reporting, the person generally must not proceed with the connected suspicious transaction or service, subject to two narrow exceptions; an active section 17 stop direction/order still controls. The retained section states an offence with summary penalties up to EUR 5,000 and/or 12 months' imprisonment, and indictable penalties of a fine and/or up to five years' imprisonment, subject to the section 46 disclosure exclusions.

Obligation

A designated person acting on business-derived information must report actual knowledge, suspicion or reasonable grounds to suspect another person is or has been engaged in ML/TF to FIU Ireland and the Revenue Commissioners as soon as practicable; give the specified information, answer requests as soon as practicable, and ordinarily hold the connected transaction/service pending the report, subject to the stated exceptions and any active section 17 order.

Report

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Investigation

Conditions

Trigger requires knowledge, suspicion or reasonable grounds based on information obtained while carrying on business as a designated person. A failure by the customer to provide documents or information that prevents listed CDD measures may be a basis for reasonable grounds; it is not exhaustive. Report as soon as practicable. Required contents are limited to the stated basis, identity and property/funds whereabouts if known, and other relevant information. Respond to additional-information requests as soon as practicable and take all reasonable steps to provide requested information.

Exceptions

Pre-report transaction/service delay may be bypassed only where delay or stopping is impracticable, or where the designated person reasonably considers proceeding necessary to avoid alerting the other person to a report or investigation. Those exceptions do not authorise proceeding contrary to an active section 17 direction/order. Section 46 exclusions for legal privilege and specified legal-adviser information apply. The exact designated-person perimeter and any later change/commencement are not verified.

Plain English

A designated person must not disclose information likely to prejudice an investigation where business-derived knowledge or suspicion indicates either that a Chapter 4 report has been or must be made, or that an ML/TF investigation is contemplated or under way. The section extends references to designated persons to people acting or purporting to act for them. The retained section states an offence with summary penalties up to EUR 5,000 and/or 12 months' imprisonment, and indictable penalties of a fine and/or up to five years' imprisonment. The prohibition is framed around likely prejudice to an investigation, not as an absolute ban on all customer communications.

Obligation

A designated person, including a person acting or purporting to act on its behalf, must not make a disclosure likely to prejudice an investigation where the stated business-derived knowledge or suspicion trigger in subsection (1) or (2) is met.

Prohibited action

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Investigation

Conditions

Subsection (1) requires business-derived knowledge or suspicion that a Chapter 4 report has been or is required to be made and a disclosure likely to prejudice a resulting investigation. Subsection (2) applies where business-derived knowledge or suspicion indicates an ML/TF investigation is contemplated or being carried out, and the proposed disclosure is likely to prejudice it.

Exceptions

The text prohibits disclosures likely to prejudice the investigation; it is not phrased as a blanket ban on all communication. The source states no general customer-notification safe harbour in this section. The current designated-person definition, amendments and commencement are unverified.

Plain English

Section 54 requires a designated person to maintain business-related AML/CTF policies, controls and procedures covering the listed risk, CDD, monitoring, unusual activity, anonymity, technology, reporting, records, updating, emerging risks and compliance areas. Senior management approval and review are required. Relevant personnel must receive legal instruction and ongoing identification/response training. An independent anonymous internal reporting channel is required proportionate to nature and size, subject to the individual sole-trader exception. A competent authority may direct appointment of a compliance officer, senior-management lead or independent external audit, subject to the statutory appropriateness test; failure is an offence under the retained text.

Obligation

Section 54 requires a designated person to maintain business-related AML/CTF policies, controls and procedures covering the listed risk, CDD, monitoring, unusual activity, anonymity, technology, reporting, records, updating, emerging risks and compliance areas. Senior management approval and review are required. Relevant personnel must receive legal instruction and ongoing identification/response training. An independent anonymous internal reporting channel is required proportionate to nature and size, subject to the individual sole-trader exception. A competent authority may direct appointment of a compliance officer, senior-management lead or independent external audit, subject to the statutory appropriateness test; failure is an offence under the retained text.

Train staff

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Duties attach to designated-person status. Appointment/audit duties in (7)-(9) arise only on written direction; a direction must meet subsection (13) appropriateness and may be class-wide under (14). Section 54(12) and (11) exclusions apply as written.

Exceptions

Employee-designated persons are excluded from this section’s obligations; individual sole traders are excluded only from subsections (6), (6A), (7), (8) and (9). The record does not establish that every small firm is exempt. Competent-authority directions are constrained by size/nature appropriateness.

Plain English

Section 55 requires designated persons to retain CDD/process information, customer service/transaction history, and related documents. The general minimum is five years, with different start dates by record type, and specified Garda directions can add up to five years following necessity/proportionality assessment. The text includes requirements for reproducible non-written records, production in Ireland when records are stored abroad, deletion of personal data held solely under this section after retention expires, continuity after business cessation/succession, possible regulations for dissolved entities, and an offence. This is not a universal five-year retention period for every AML document.

Obligation

Section 55 requires designated persons to retain CDD/process information, customer service/transaction history, and related documents. The general minimum is five years, with different start dates by record type, and specified Garda directions can add up to five years following necessity/proportionality assessment. The text includes requirements for reproducible non-written records, production in Ireland when records are stored abroad, deletion of personal data held solely under this section after retention expires, continuity after business cessation/succession, possible regulations for dissolved entities, and an offence. This is not a universal five-year retention period for every AML document.

Retain records

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

The five-year minimum applies to the specified categories with distinct start events. Additional retention needs a written direction after necessity/proportionality assessment and one of the investigation/prosecution grounds. Overseas storage is conditional on production in Ireland; non-written formats must be reproducible.

Exceptions

This is not a blanket five-year period for every record. A direction ends when notified that neither ground continues, and directed retention ends at the earlier applicable endpoint. At expiry, personal data retained solely for this section must be deleted, subject to other enactments/rules (which section 55(8) preserves).

Plain English

Section 56 requires a designated person to maintain systems enabling it to answer fully and promptly Garda enquiries on whether a specified person has, or had within the previous five years, a business relationship and the nature of that relationship. Non-compliance is an offence in the retained text. It is an inquiry-response system requirement, not a general duty to report all relationships proactively.

Obligation

Section 56 requires a designated person to maintain systems enabling it to answer fully and promptly Garda enquiries on whether a specified person has, or had within the previous five years, a business relationship and the nature of that relationship. Non-compliance is an offence in the retained text. It is an inquiry-response system requirement, not a general duty to report all relationships proactively.

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

A Garda enquiry specifies the person; the system must enable a full and prompt answer on existence within the previous five years and the relationship’s nature.

Exceptions

No proactive reporting requirement appears here. The five-year enquiry lookback should not be treated as changing section 55 retention periods.

Plain English

Section 57 requires group-wide policies and procedures, including data protection and intra-group information-sharing arrangements, for customer due diligence and AML/CTF prevention/detection. It imposes distinct duties on State-incorporated designated persons’ foreign branches, majority-owned subsidiaries and establishments, with additional-risk measures and regulator notification where a non-EU host law prevents required policies. Other provisions address EU branches, lower-standard third-country operations, and conditional group sharing of section 42 reports subject to section 49 and FIU Ireland instructions.

Obligation

Section 57 requires group-wide policies and procedures, including data protection and intra-group information-sharing arrangements, for customer due diligence and AML/CTF prevention/detection. It imposes distinct duties on State-incorporated designated persons’ foreign branches, majority-owned subsidiaries and establishments, with additional-risk measures and regulator notification where a non-EU host law prevents required policies. Other provisions address EU branches, lower-standard third-country operations, and conditional group sharing of section 42 reports subject to section 49 and FIU Ireland instructions.

Report

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Subsection (3) applies where a non-Member-State location prevents required group policies; subsections (4)-(5) apply to their respective foreign settings. Subsection (6) requires a section 42 report by a group member and is subject to section 49 and any FIU Ireland instruction.

Exceptions

Subsection (5) limits implementation to what third-country law allows. Subsection (6) permits FIU Ireland to instruct otherwise and remains subject to section 49. EU-side requirement is framed by the referenced Directive as applicable there.

Plain English

After an eligible section 57(3)(b) notification and insufficiency finding, the competent authority must take additional supervisory action and may issue an individualized written direction. A designated person that is subject to a direction must comply with it; the direction can specify risk-mitigating actions or restrictions on relationships/transactions. Compliance starts only at the notice's statutory effective time and continues under its terms as varied; a written variation changes the direction but does not itself terminate it, while revocation withdraws the notice. A 30-day High Court appeal is available; an immediately effective notice is not automatically stayed, though the Court may suspend it. This conditional recipient duty is not a standing duty to close group operations or a general AML control.

Obligation

A designated person subject to an effective section 57A(1) direction must comply with that direction's specified additional actions. This duty arises only for the recipient of an actual direction and lasts according to its statutory effective time and any variation or revocation. The section provides a 30-day High Court appeal; an immediately effective notice is not automatically stayed, but the Court may suspend it.

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

A recipient-compliance duty arises only for a designated person subject to an effective section 57A(1) direction. The authority's power follows a section 57(3)(b) notification and insufficiency conclusion; the written direction must specify the risk and insufficiency and takes effect under subsection (3). Appeal is within 30 days from service.

Exceptions

No recipient-compliance duty arises without an actual direction. No automatic stay applies to an immediately effective notice, but the Court may suspend it. The section does not require closure in every case: closure is requested only where necessary. The authority may later vary or revoke the notice.

Plain English

Section 58 prohibits credit and financial institutions from opening an anonymous account for a customer, providing an anonymous passbook or safe-deposit box, or continuing legacy anonymous facilities that existed immediately before the section commenced. The retained text states an offence and sanctions. The covered products and entities are specified; this is not a general rule for every record or account type.

Obligation

Section 58 prohibits credit and financial institutions from opening an anonymous account for a customer, providing an anonymous passbook or safe-deposit box, or continuing legacy anonymous facilities that existed immediately before the section commenced. The retained text states an offence and sanctions. The covered products and entities are specified; this is not a general rule for every record or account type.

Prohibited action

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

The legacy-facility limb concerns accounts/passbooks/safe-deposit boxes existing immediately before commencement of this section.

Exceptions

No exception is stated in the retained section. It does not prohibit every account or safe-deposit box, only those characterized as anonymous.

Plain English

Section 59 prohibits credit and financial institutions from entering or continuing correspondent relationships with shell banks and from relationships with a bank they know permits shell-bank use of its accounts. It requires appropriate measures to prevent relationships that permit such use and defines shell bank through cumulative physical-presence, authorization/supervision and affiliation criteria. The retained text states offences and sanctions.

Obligation

Section 59 prohibits credit and financial institutions from entering or continuing correspondent relationships with shell banks and from relationships with a bank they know permits shell-bank use of its accounts. It requires appropriate measures to prevent relationships that permit such use and defines shell bank through cumulative physical-presence, authorization/supervision and affiliation criteria. The retained text states offences and sanctions.

Prohibited action

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Prohibitions apply to correspondent relationships. The downstream-bank limb in (3) includes knowledge that its accounts are permitted to be used by a shell bank. The definition’s three criteria are cumulative.

Exceptions

The definition excludes a body affiliated with a qualifying locally present and supervised body corporate. No general correspondent-banking prohibition is stated; the restrictions target shell banks and the described downstream arrangements.

Plain English

Section 63A(1) requires competent authorities to take necessary measures to prevent people convicted of a relevant offence from managing or beneficially owning designated persons in section 25(1)(c), (d) and (f). Under (2), an individual in either role must notify the relevant competent authority within 30 days after conviction. Separately, under (3), any designated person must notify its competent authority within 30 days after becoming aware that a person performing a management function or beneficial owner has been convicted; this entity duty is not limited to the section 25(1)(c), (d) and (f) classes. Subsections (4)-(5) define relevant offence and state an offence for failure to comply with (2) or (3).

Obligation

Section 63A(1) requires competent authorities to take necessary measures to prevent people convicted of a relevant offence from managing or beneficially owning designated persons in section 25(1)(c), (d) and (f). Under (2), an individual in either role must notify the relevant competent authority within 30 days after conviction. Separately, under (3), any designated person must notify its competent authority within 30 days after becoming aware that a person performing a management function or beneficial owner has been convicted; this entity duty is not limited to the section 25(1)(c), (d) and (f) classes. Subsections (4)-(5) define relevant offence and state an offence for failure to comply with (2) or (3).

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Notification applies upon conviction for a relevant offence and the roles/person classes in (1)-(3); personal deadline runs from conviction, entity deadline from awareness.

Exceptions

The section 25(1)(c), (d) and (f) classes limit the prevention duty in subsection (1) and personal notification duty in subsection (2), not the separate entity notification duty in subsection (3), which applies to any designated person meeting its stated condition. Foreign conviction-equivalent conduct is included only under subsection (4)(c).

Plain English

A State competent authority may issue a written direction requiring a designated person it supervises to provide specified information/documents. The direction must state how and by when to respond, with a reasonable time. A person need provide documents only if they possess them or can lawfully obtain them; if they know where responsive documents are, they must provide a statutory-declaration statement identifying that location by the deadline. Without reasonable excuse, non-compliance with the direction or location statement is an offence under the retained text. Electronic documents are supplied in writing unless directed otherwise; the authority may copy or extract them.

Obligation

A State competent authority may issue a written direction requiring a designated person it supervises to provide specified information/documents. The direction must state how and by when to respond, with a reasonable time. A person need provide documents only if they possess them or can lawfully obtain them; if they know where responsive documents are, they must provide a statutory-declaration statement identifying that location by the deadline. Without reasonable excuse, non-compliance with the direction or location statement is an offence under the retained text. Electronic documents are supplied in writing unless directed otherwise; the authority may copy or extract them.

Applies to

Firm types

All relevant persons

Business lines

Not recorded

Customer types

Not recorded

Stages

Not recorded

Conditions

Requires written direction specifying information/documents, manner and reasonable deadline. Document-production duty is limited to documents possessed or lawfully obtainable. Location statement depends on knowing whereabouts.

Exceptions

Reasonable excuse is a defence to offences under (2) and (6). Section 70 excludes compelled information that might tend to incriminate; section 69 limits purpose. No duty to obtain documents unlawfully.