Anti-Money Laundering 

Moneylenders are “designated bodies” for the purposes of section 32(2) of the Criminal Justice Act 1994.

This means that moneylenders are obliged, when providing their moneylending 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 bodies moneylenders must:

• 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 and 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

Moneylenders should refer to sectoral guidance notes for Financial Institutions.