Anti-Money Laundering and Terrorist Financing
Money laundering is the generic term used to describe the procedure by which criminals mask the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have come from a legitimate source.
You have recently been recruited to into Fire Investments Inc, a boutique client investment firm based in the Irish Financial Services Centre. This firm acts as the personal investment manager for a small number of high net-worth individuals based throughout the world. Your team works in the research wing of the firm.
Recently, the Managing Director of the firm was approached by one of the firms clients seeking some advice. He had recently been reading about the potential effects of money laundering and terrorist finance legislation on the operation of a FinTech company and has asked the Managing Director for more details on this. The Managing Director agreed with the client that she will refer the matter over to the firms research team (i.e. you and your colleagues) and that you will report back to him with an explanation and presentation on this matter. The Client has stressed that he would like to see how this works with real examples, and the instructions that you have received from her have included a requirement that you provide specific information on the operation of Anti-Money Laundering and Terrorist Financing Legislation.
YOUR RESEARCH SHOULD COVER THE FOLLOWING MAIN AREAS
1. Introduction to the AML-TF provisions in Irish Law.
2. The main compliance requirements contained within the legislation.
3. The main training requirements contained within the legislation.
4. Any other impact that AML-TF provisions that are relevant.