Dáil Éireann Debate, Wednesday - 5 March 2014
63. Deputy Charlie McConalogue asked the Minister for Finance the position regarding any exemptions that may be made for the small purchase of prize bonds under the Criminal Justice Act 2010 (details supplied); and if he will make a statement on the matter. [11181/14]
View answerThe anti-money laundering (AML) requirements under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, are important in preventing use of the Irish financial system for money laundering or terrorist financing and reflect the requirements of EU Directive 2005/60/EC.
That said, it is not the desire that the AML obligations which are applied in respect of occasional small value purchases of Prize Bonds (in particular where purchased as a gift) should create onerous obligations for the public. The purchase of Prize Bonds as gifts to mark important occasions is a custom that has been there for many years and one which I value. In that regard I requested the National Treasury Management Agency (NTMA), in conjunction with the Prize Bond Company and my Department, to examine the scope for exempting small value purchases of Prize Bonds from customer identification and verification requirements.
I understand that, as a result of that work, verification of the identity of customers will not be required in respect of small value purchases of Prize Bonds, i.e., where a purchase does not exceed €100 and the value of all Prize Bonds registered in the name of the holder does not exceed €1,000.
