Charles Flanagan (Laois, Fine Gael) | Oireachtas source

I am pleased to report these final amendments to the House. I know from debates on earlier Stages that there is general support for this legislation and a common desire that we enact matters efficiently so that we can fulfil our international EU obligations. There are a small number of amendments, mainly of a technical nature, with other more substantive amendments that we can get through.

Amendment No. 1 relates to the requirement for a designated person to monitor customers with whom they have a business relationship. The words to be inserted are to make it clear that this monitoring is to be done only to the extent that it is warranted by the risk in a particular case of money laundering or terrorist financing. It is in line with the EU directive, which mandates "a risk-based approach" to due diligence with regard to relations with customers.

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