Written answers

Wednesday, 25 March 2015

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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34. To ask the Minister for Finance if financial institutions are required under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to seek documents of personal identification from persons who are directors, but not signatories, in respect of an account held with the financial institution by a public company limited by guarantee; and if he will make a statement on the matter. [12342/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Section 33 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, sets out the requirements in relation to customer due diligence ('CDD').  Pursuant to section 33, designated persons are required to identify the customer and verify the customer's identity on the basis of documents (whether or not in electronic form), or information, that the has reasonable grounds to believe can be relied upon to confirm the identity of the customer. 

The Central Bank has advised me that the legislation does not set out the requirements in relation to CDD to be carried in respect of customers that are corporate entities and as such, designated persons will take a risk based approach in determining how they comply with section 33 in respect of customers that are corporate entities.

My Department has published Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing on the application of the 2010 Act.  The guidelines are designed to guide designated persons on the application of the relevant provisions of the Act.  The Guidelines are available on my Department's website at .

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