Michael Ring (Mayo, Fine Gael)
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123. To ask the Minister for Finance the reason that an Act which was never intended for small community groups is being applied rigorously to the community groups (details supplied); and if he will make a statement on the matter. [46797/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The National Treasury Management Agency (NTMA) who manages State Savings have informed me that, under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended, designated bodies, such as An Post and the Prize Bond Company, are required by law to comply with anti-money laundering requirements and verify all customers’ identities.

State Savings products are distributed and administered by An Post and the Prize Bond Company acting as agents of the NTMA and are subject to published Terms and Conditions which contain the applicable requirements regarding confirmation and verification of the identity of all purchasers/holders.

State Savings products are offered by the Minister for Finance acting through the National Treasury Management Agency (NTMA) pursuant to the powers conferred on the NTMA by the National Treasury Management Agency Act 1990 and the National Treasury Management Agency Act 1990 (Delegation of and Declaration as to Functions) Order 1990 (S.I. No 277 of 1990).