Under section 63 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, it is the function of a State Competent Authority to effectively monitor designated persons and take measures that are reasonably necessary for the purpose of securing compliance by those designated persons with the specified requirements in relation to money laundering and terrorist financing. To give effect to the role of the Competent Authority under the Act, the Anti-Money Laundering Compliance Unit was established in my Department and two authorised officers were appointed under section 72 of the Act in 2011. Authorised officers inspect a number of categories of businesses for compliance with the requirements of the Act including high value cash traders, private member gaming clubs and trust or company service providers.
I can inform the Deputy that the authorised officers were appointed by way of a competitive process within the Department and I am satisfied that authorised officers have the skills and competencies required to discharge the functions associated with the post.
My role as State Competent Authority relates only to those aspects of business which are relevant to the anti-money laundering requirements of the Act including such matters as the exercise by the businesses concerned of customer due diligence and the application by the businesses of anti-money laundering policies and processes. I have no role in relation to any other question pertaining to regulation that might arise in this context.