2.3 - Money Laundering Regulations

Question 1

How do assurance firms keep in compliance with the Money Laundering Regulations?

Answer 1

Assurance firms must keep certain records about clients and undertake what is known as client due diligence

Question 2

When is it mandatory to check the identity of all clients?

Answer 2

Before any work is undertaken when an ongoing relationship is envisaged or where a one-off transaction or a series of transactions greater than €10,000 will take place

Question 3

How should the identity of a client be checked for individuals?

Answer 3

Obtaining official documents including a photograph and identifying the client’s full name and permanent address, e.g a passport supported by a number of utility bills/driving license

Question 4

How should the identity of a company be checked for individuals?

Answer 4

Obtaining similar legal information from the Registrar of Companies, e.g a certificate of incorporation, the registered address and a list of shareholders and directors

Question 5

How long must client identification documents be kept?

Answer 5

For a minimum of five years and until five years have elapsed since the relationship with the client in question has ceased

Question 6

What does ‘due diligence’ refer to?

Answer 6

Refers to the steps that should be taken before taking an action, in order to reduce the risk of adverse consequences