Central Bank issues Dear CEO AML-CFT letter

The Central Bank of Ireland has today issued a Dear CEO letter to all Irish-regulated credit and financial institutions regarding compliance with anti-money laundering and counter-terrorism financing (“AML-CFT”) legislation.  A copy of the letter is available Image may be NSFW.
Clik here to view.here.  The letter addresses the current level of compliance by firms with AML-CFT legislation and provides an overview of the control failures identified in the course of Central Bank inspections.  The letter highlights the importance of good governance in this area and the necessity for firms to anticipate changes to legislation and international standards.  The letter also reminds credit and financial institutions of the wider context of Ireland’s membership of FATF and the reputational risks Ireland faces from poor governance and compliance in respect of AML-CTF.