There must be group-wide policies and procedures for the prevention and detection of money laundering and terrorist financing to be implemented by any designated business that is part of a group. A designated business incorporated in the State that operates a branch, majority-owned subsidiary or establishment must ensure that it adopts and applies the group-wide policies and procedures.<\/p>\n
Where the law of a place that is not a Member State does not allow the application of those policies and procedures, the designated business must ensure that additional measures are applied and inform the regulator. \u00a0Designated businesses with branches and subsidiaries in other Member States apply the law of those Member States, which transposes the Fourth Money Laundering Directive.<\/p>\n
Designated businesses with branches and subsidiaries in third countries which have less strict money laundering laws than those of the State are to apply the requirements of the State. Suspicious transaction reports are to be shared within a group,). Failure to comply is an offence.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
Policies & Procedures A designated business shall adopt policies and procedures in relation to the designated business\u2019s business to prevent and detect money laundering and terrorist financing. A designated business shall ensure that policies, controls and procedures adopted in accordance are approved by senior management and shall keep such policies, controls and procedures under review, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[291],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/20081"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=20081"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/20081\/revisions"}],"predecessor-version":[{"id":21219,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/20081\/revisions\/21219"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=20081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=20081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=20081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}