The principal piece of legislation in Ireland on anti-money laundering (AML) and the countering of the financing of terrorism (CFT) is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) (the CJA 2010).
The Central Bank of Ireland (the Central Bank) is the competent authority in Ireland responsible for the monitoring and supervision of financial and credit institutions’ compliance with their obligations under the CJA 2010, which includes having effective systems, controls and preventative measures in place to prevent and detect money laundering.
The Central Bank is empowered to take measures that are reasonably necessary to ensure that such institutions comply with the provisions of the CJA 2010. Details of all enforcement actions by the Central Bank, including actions related to breaches of the CJA2010 are published on its website (https://www.centralbank.ie/news-media/legal-notices/enforcement-actions) .
I have been advised by the Central Bank that it can only comment on concluded Enforcement Actions under the Central Bank’s Administrative Sanctions Procedure, following investigations into breaches by credit and financial institutions of their obligations under the CJA 2010. To date it has concluded 12 enforcement actions against credit and financial institutions in relation to breaches of the CJA 2010, imposing fines totaling €12,582,000.
It is important to note that the Central Bank does not investigate allegations of money laundering or terrorist financing within the State; this is the responsibility of An Garda Síochána.
Lastly, the Department of Justice and Equality (DJE) is the competent authority for a number of the other designated entities under the CJA and is responsible for the monitoring and supervision of same for compliance with AML/CFT requirements. I understand that this question has also been received by DJE for separate response.