Central Bank’s approach to AML/CFT supervision
The Central Bank’s approach to AML/CFT supervision
As the competent authority in Ireland for the AML/CFT supervision of VASPs, the Central Bank is responsible for monitoring firms’ continued compliance with their AML/CFT obligations.
The Central Bank implements a graduated approach to AML/CFT supervision. This means that higher intensity and intrusive supervisory measures (e.g., onsite inspections and review meetings) are used to monitor firms that present a higher risk of ML/TF. Other less intensive supervisory measures such as AML/CFT Risk Evaluation Questionnaires and outreach activities (e.g., presentations and seminars) are also used as part of the Central Bank’s AML/CFT supervisory programme.
The frequency and intensity of the AML/CFT supervisory engagement model for an individual firm is dependent on its ML/TF risk rating.
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