Anti-Money Laundering for Trustees 

For the purposes of this information, Fund Service Providers refer to Administrators, Trustees, UCITS Managers, UCITS Management Companies and Non-UCITS Management Companies.

Fund Trustees are “designated bodies” for the purposes of paragraph 3(c) of the schedule to S.I. No. 3 of 2004 / Criminal Justice Act 1994 (Section 32) (Prescribed Activities) Regulations 2004

This means that Trustees are obliged, when providing their services, to:

• Identify customers and retain certain records
• Report to the Garda Síochána (Irish police force) and Irish Revenue Commissioners any suspicion that a money laundering or financing of terrorism offence has been or is being committed in relation to their business

As Designated Persons Fund Trustees must comply with Fund Service Providers sectoral guidance notes so as to:

• Maintain adequate records of transactions to allow the Financial Regulator to monitor compliance with section 32(9)(a) and (b) of the Criminal Justice Act 1994
• Establish and document adequate and appropriate policies procedures to assist staff to identify money laundering activity - section 32(9B)(a), (b) and (c) of the Criminal Justice Act 1994
• Establish clear reporting procedures to assist staff and management to comply with the reporting obligations set out in section 57 of the Criminal Justice Act 1994

View the guidance notes for Fund Service Providers.