The Central Bank is the competent authority responsible for monitoring credit and financial institutions compliance with the requirements set out in Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended (‘the CJA 2010’).
In this regard, authorised officers are appointed pursuant to the CJA 2010 and the Central Bank (Supervision and Enforcement) Act 2013, to carry out supervisory engagements with credit and financial institutions in order to fulfil the statutory role of monitoring compliance with Part 4 of the CJA 2010.
Authorised officers appointed under the aforementioned Acts regularly exercise the powers conferred upon them as authorised officers to compel the “production and or provision of information” when carrying out supervisory engagements with credit and financial institutions.
I have been informed by the Central Bank that these powers are exercised so frequently and are such a common feature of how the Central Bank undertakes its supervisory activities, that the Central Bank does not collect statistics in relation to the number of times they have been used to compel “production and or provision of information”.
