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Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

Type Act

Publication 2010-05-05

Last updated 2026-07-23

State Partially repealed

Text Latest available text

Source Irish Statute Book

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articles 193

This is the most recent text the official source publishes. It is not a snapshot of the law as it stood on the date of each change.

48 amending acts · 2026-07-23, CRIMINAL LAW, CIVIL LAW AND DEFENCE (MISCELLANEOUS PROVISIONS) ACT 2026

Act to provide for offences of, and related to, money laundering in and outside the State; to give effect to Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing; to provide for the registration of persons directing private members' clubs; to provide for the amendment of the Central Bank Act 1942 and the Courts (Supplemental Provisions) Act 1961; to provide for the consequential repeal of certain provisions of the Criminal Justice Act 1994, the consequential amendment of certain enactments and the revocation of certain statutory instruments; and to provide for related matters

Reform history JSON API

(c) be accompanied by any consent, in the form provided or specified by the Minister, that is required to enable access to personal data F158[…] held by other persons or bodies and that is required to assist the Minister in determining, for the purposes of section 89 (including as applied by section 92) whether or not the proposed holder and other persons referred to in paragraph (b) are fit and proper persons,

(d) contain such other information, and be accompanied by such documents, as the Minister requests,

(e) be accompanied by the prescribed fee (if any).

(3) The Minister may, by written notice given to an applicant, require the applicant to provide, within the period of not less than 14 days specified in the notice, such additional information and documents as are reasonably necessary to enable the Minister to determine the application.

(4) As soon as practicable after an applicant becomes aware that any information or document provided to the Minister under this section contains a material inaccuracy or has changed in any material particular, including information or a document provided in relation to an application that has been granted, but not including information or a document provided in relation to an application that has been refused, the applicant shall give notice in writing to the Minister of the error or change in circumstances, as the case may be.

(5) For the purposes of subsection (2)(e) (including as applied by section 92), the Minister may prescribe different fees, to accompany applications for authorisations under this Chapter, for different classes of proposed holders of those authorisations and in prescribing such fees may differentiate between the fee to accompany such an application for an authorisation (not being an application for the renewal of such an authorisation) and the fee to accompany an application for the renewal of such an authorisation.

89. Grant and refusal of applications for authorisation.

89.— (1) The Minister may refuse an application under section 88 only if—

(a) the application does not comply with the requirements of section 88,

(b) the applicant does not provide any additional documents or information in accordance with a notice given under section 88 (3),

(c) the Minister has reasonable grounds to be satisfied that information given to the Minister by the applicant in connection with the application is false or misleading in any material particular,

(d) the Minister has reasonable grounds to be satisfied that any of the following persons is not a fit and proper person:

(i) the proposed holder of the authorisation;

(ii) in a case where the proposed holder of the authorisation is a body corporate or partnership or an individual who proposes to carry on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is, or is proposed to be, a beneficial owner of the business concerned,

(e) the applicant has failed to satisfy the Minister that the proposed holder of the authorisation will comply with the obligations imposed on trust or company service providers, as designated persons, under this Part,

(f) the applicant has failed to satisfy the Minister that the proposed holder of the authorisation will comply with each of the following:

(i) any conditions that the Minister would have imposed on the authorisation concerned if the Minister had granted the application;

(ii) any prescribed requirements referred to in section 94;

(iii) section 95;

(iv) section 98;

(v) section 106,

(g) the proposed holder of the authorisation is so structured, or the business of the proposed holder is so organised, that the proposed holder is not capable of being regulated under this Chapter, or as a designated person under this Part, to the satisfaction of the Minister,

(h) in a case where the proposed holder of the authorisation is a body corporate, the body corporate is being wound up,

(i) in a case where the proposed holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890 or otherwise,

(j) in a case where any person referred to in paragraph (d) has been authorised to carry on business as a trust or company service provider in another Member State, an authority of the other Member State that performs functions similar to those of the Minister under this Chapter has terminated the authority of the person to carry on business as a trust or company service provider in the other Member State, or

(k) in a case where the proposed holder of the authorisation is a subsidiary of a body corporate that is authorised to carry on business as a trust or company service provider in another Member State, an authority of the other Member State that performs functions similar to those of the Minister under this Chapter has terminated the authority of the body corporate to carry on business as a trust or company service provider in the other Member State.

(2) If the Minister proposes to refuse an application, the Minister shall serve on the applicant a notice in writing—

(a) specifying the grounds on which the Minister proposes to refuse the application, and

(b) informing the applicant that the applicant may, within 21 days after the serving of the notice, make written representations to the Minister showing why the Minister should grant the application.

(3) Not later than 21 days after a notice is served on an applicant under subsection (2), the applicant may make written representations to the Minister showing why the Minister should grant the application.

(4) The Minister may refuse an application only after having considered any representations made by the applicant in accordance with subsection (3).

(5) As soon as practicable after refusing an application, the Minister shall serve a written notice of the refusal on the applicant. The notice shall include a statement—

(a) setting out the grounds on which the Minister has refused the application, and

(b) informing the applicant that—

(i) the applicant may appeal to an Appeal Tribunal against the refusal, and

(ii) if the applicant proposes to appeal to an Appeal Tribunal against the refusal, the applicant may, within one month after being served with the notice of refusal, serve a notice of intention to appeal on the Minister, in the form provided or specified by the Minister.

(6) If the Minister does not refuse the application, he or she shall grant it and, on granting the application, the Minister shall—

(a) record the appropriate particulars of the holder of the authorisation in the register of persons authorised to carry on business as a trust or company service provider, and

(b) issue the applicant with an authorisation that authorises the holder of the authorisation to carry on business as a trust or company service provider.

90. Minister may impose conditions when granting an application for an authorisation.

90.— (1) In granting an application for an authorisation under this Chapter, the Minister may impose on the holder of the authorisation any conditions that the Minister considers necessary for the proper and orderly regulation of the holder’s business as a trust or company service provider and, in particular, for preventing the business from being used to carry out money laundering or terrorist financing.

(2) The Minister shall specify any such conditions in the authorisation granted to the holder or in one or more documents annexed to that authorisation.

(3) If, under this section, the Minister imposes any conditions on an authorisation, the Minister shall serve on the holder of the authorisation, together with the authorisation, a written notice of the imposition of the conditions that includes a statement—

(a) setting out the grounds on which the Minister has imposed the conditions, and

(b) informing the holder that—

(i) the holder may appeal to an Appeal Tribunal against the imposition of any of the conditions, and

(ii) if the holder proposes to appeal to an Appeal Tribunal against the imposition of any of the conditions, the holder may, within one month after being served with the notice of the imposition of conditions, serve a notice of intention to appeal on the Minister, in the form provided or specified by the Minister.

91. Terms of authorisation.

91.— (1) An authorisation comes into force on the day on which the authorisation is granted, or, if a later date is specified in the authorisation, on that later date, whether or not an appeal against any conditions of the authorisation is made under section 100.

(2) An authorisation remains in force, unless sooner revoked under this Chapter, for a period of 3 years from the date on which it comes into force.

(3) A reference in this section to an authorisation does not include a reference to an authorisation that is renewed under section 92.

92. Renewal of authorisation.

92.— (1) The Minister may renew an authorisation on the application of the holder of the authorisation unless the authorisation has been revoked under this Chapter.

(2) Sections 88 to 90 apply, with any necessary modifications, in relation to an application for the renewal of an authorisation.

(3) An application for the renewal of an authorisation shall be made not less than 10 weeks before the end of the period for which it was granted.

(4) In addition to the grounds specified in section 89 (as applied by subsection (2)), the Minister may refuse to grant a renewed authorisation on the grounds that the application for renewal has been made less than 10 weeks before the end of the period for which the authorisation was granted.

(5) If an application for the renewal of an authorisation is made within the time provided for in subsection (3) and is not determined by the Minister before the end of the period for which the authorisation was granted, the authorisation remains in force until the date on which the application is determined.

(6) A renewed authorisation comes into force on—

(a) in a case where subsection (5) applies, the date on which the application is determined, or

(b) in any other case, the day immediately following the end of the period for which the authorisation that it renews was granted or last renewed, as the case may be.

(7) A renewed authorisation, unless sooner revoked under this Chapter, remains in force for a period of 3 years from the date on which it comes into force under subsection (6).

(8) Subsections (6) and (7) have effect whether or not an appeal against any conditions of the authorisation is made under section 100.

93. Minister may amend authorisation.

93.— (1) The Minister may amend an authorisation granted under this Chapter by varying, replacing or revoking any conditions or by adding a new condition if the Minister considers that the variation, replacement, revocation or addition is necessary for the proper and orderly regulation of the business of the holder of the authorisation as a trust or company service provider and, in particular, for preventing the business from being used to carry out money laundering or terrorist financing.

(2) If the Minister proposes to amend an authorisation under this section, the Minister shall serve on the holder of the authorisation a notice in writing informing the holder of the Minister’s intention to amend the authorisation.

(3) The notice shall—

(a) specify the proposed amendment, and

(b) inform the holder that the holder may, within 21 days after service of the notice, make written representations to the Minister showing why the Minister should not make that amendment.

(4) Not later than 21 days after a notice is served under subsection (2) on the holder of an authorisation, the holder may make written representations to the Minister showing why the Minister should not amend the authorisation.

(5) The Minister may amend an authorisation only after having considered any representations to the Minister made in accordance with subsection (4) showing why the Minister should not amend the authorisation.

(6) The Minister shall serve written notice of any amendment of an authorisation on the holder of the authorisation. The notice shall include a statement—

(a) setting out the grounds on which the Minister has amended the authorisation, and

(b) informing the holder that—

(i) the holder may appeal to an Appeal Tribunal against the amendment, and

(ii) if the holder proposes to appeal to an Appeal Tribunal against the amendment, the holder may, within one month after being served with the notice of amendment, serve a notice of intention to appeal on the Minister, in the form provided or specified by the Minister.

(7) The amendment of an authorisation under this section takes effect from the date of the notice of amendment or, if a later date is specified in the notice, from that date, whether or not an appeal against the amendment is made under section 100.

94. Offence to fail to comply with conditions or prescribed requirements.

94.— (1) The holder of an authorisation commits an offence if the holder fails to comply with—

(a) any condition of the authorisation, or

(b) any prescribed requirements.

(2) A person who commits an offence under this section is liable—

(a) on summary conviction, to a fine not exceeding €2,000, or

(b) on conviction on indictment, to a fine not exceeding €100,000.

(3) The Minister may prescribe requirements for the purposes of subsection (1)(b) only if the Minister is satisfied that it is necessary to do so for the proper and orderly regulation of the business of trust or company service providers and, in particular, for preventing such businesses from being used to carry out money laundering orterrorist financing.

95. Holder of authorisation to ensure that principal officers and beneficial owners are fit and proper persons.

95.— (1) The holder of an authorisation shall take reasonable steps to ensure that the following persons are fit and proper persons:

(a) in a case where the holder of the authorisation is a body corporate, a partnership or an individual carrying on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(b) any person who is a beneficial owner of the business concerned.

(2) A person who commits an offence under this section is liable—

(a) on summary conviction, to a fine not exceeding €2,000, or

(b) on conviction on indictment, to a fine not exceeding €100,000.

96. Revocation of authorisation by Minister on application of holder.

96.— The Minister shall revoke an authorisation on the application of the holder of the authorisation, but only if satisfied that the holder of the authorisation has fully complied with each of the following:

(a) any conditions of the authorisation;

(b) any prescribed requirements referred to in section 94;

(d) section 98;

(e) section 106.

97. Revocation of authorisation other than on application of holder.

97.— (1) The Minister may revoke an authorisation only if the Minister has reasonable grounds to be satisfied of any of the following:

(a) the holder of the authorisation has not commenced to carry on business as a trust or company service provider within 12 months after the date on which the authorisation was granted;

(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months;

(d) any of the following persons is not a fit and proper person:

(i) the holder of the authorisation;

(ii) in a case where the holder of the authorisation is a body corporate, a partnership or an individual carrying on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is a beneficial owner of the business concerned;

(e) the holder of the authorisation has contravened or is contravening the obligations imposed on trust or company service providers, as designated persons, under this Part;

(f) the holder of the authorisation has contravened or is contravening any of the following:

(i) a condition of the authorisation;

(ii) a prescribed requirement referred to in section 94;

(iii) section 95;

(iv) section 98;

(v) section 106;

(g) the holder of the authorisation is so structured, or the business of the holder is so organised, that the holder is not capable of being regulated under this Chapter or as a designated person under this Part;

(h) in a case where the holder of the authorisation is a body corporate, the body corporate is being wound up;

(i) in a case where the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890 or otherwise;

(j) in a case where any person referred to in paragraph (d) has been authorised to carry on business as a trust or company service provider in another Member State, an authority of the other Member State that performs functions similar to those of the Minister under this Chapter has terminated the authority of the person to carry on business as a trust or company service provider in the other Member State;

(k) in a case where the holder of the authorisation is a subsidiary of a body corporate that is authorised to carry on business as a trust or company service provider in another Member State, an authority of the other Member State that performs functions similar to those of the Minister under this Chapter has terminated the authority of the body corporate to carry on business as a trust or company service provider in the other Member State.

(2) If the Minister proposes to revoke an authorisation under this section, the Minister shall serve on the holder of the authorisation a notice in writing informing the holder of the Minister’s intention to revoke the authorisation.

(3) The notice shall—

(a) specify the grounds on which the Minister proposes to revoke the authorisation, and

(b) inform the holder that the holder may, within 21 days after service of the notice, make written representations to the Minister showing why the Minister should not revoke the authorisation.

(4) Not later than 21 days after a notice is served under subsection (2) on the holder of an authorisation, the holder may make written representations to the Minister showing why the Minister should not revoke the authorisation.

(5) The Minister may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance with subsection (4).

(6) As soon as practicable after revoking an authorisation under this section, the Minister shall serve written notice of the revocation on the person who was the holder of the authorisation. The notice shall include a statement—

(a) setting out the reasons for revoking the authorisation, and

(b) informing the holder that—

(i) the holder may appeal to an Appeal Tribunal against the revocation, and

(ii) if the holder proposes to appeal to an Appeal Tribunal against the revocation, the holder may, within one month after being served with the notice of revocation, serve a notice of intention to appeal on the Minister in the form provided or specified by the Minister.

(7) The revocation of an authorisation under this section takes effect from the date of the notice of revocation or, if a later date is specified in the notice, from that date, whether or not an appeal against the revocation is made under section 100.

98. Direction not to carry out business other than as directed.

98.— (1) If the Minister reasonably believes that there may be grounds for revoking an authorisation under section 97, the Minister may serve on the holder of the authorisation a direction in writing prohibiting the holder from carrying on business as a trust or company service provider other than in accordance with conditions specified by the Minister.

(2) The Minister shall include in a direction under this section a statement—

(a) setting out F159[the reasons] for giving the direction,

(b) informing the holder of the authorisation concerned that—

(i) the holder may appeal to an Appeal Tribunal against the direction, and

(ii) if the holder proposes to appeal to an Appeal Tribunal against the direction, the holder may, within one month after being served with the direction, serve a notice of intention to appeal on the Minister in the form provided or specified by the Minister,

and

(3) The Minister may, by notice in writing served on the holder of the authorisation concerned, amend or revoke a direction given under this section.

(4) Without prejudice to the generality of subsection (3), the Minister may, by notice in writing given to the holder of the authorisation concerned, extend the period during which a direction remains in force by a further period or periods not exceeding 6 months.

(5) A direction under this section takes effect from the date on which it is given or, if a later date is specified in the direction, from that date, whether or not an appeal against the direction is made under section 100.

(6) A direction under this section ceases to have effect—

(a) at the end of the period, not exceeding 6 months, specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, or

(b) on the revocation of the holder’s authorisation under this Chapter,

whichever occurs first.

(7) A person who contravenes a direction given under this section, or fails to comply with a condition contained in the direction, commits an offence.

(8) A person who commits an offence under this section is liable—

(a) on summary conviction, to a fine not exceeding €5,000, or

(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).

99. Minister to publish notice of revocation or direction.

99.— As soon as practicable after revoking an authorisation under section 96 or 97, or giving a direction under section 98, the Minister shall publish in Iris Oifigiúil a notice giving particulars of the revocation or direction.

100. Appeals against decisions of Minister.

100.— (1) In this section, “appealable decision” means a decision of the Minister under—

(a) section 89 to refuse an application for an authorisation,

(b) section 89, as applied by section 92, to refuse an application for the renewal of an authorisation,

(d) section 90, as applied by section 92, to impose conditions on an authorisation that is renewed,

(e) section 93 to amend an authorisation,

(f) section 97 to revoke an authorisation, or

(g) section 98 to serve a direction on the holder of an authorisation.

(2) A person aggrieved by an appealable decision may, within one month after being served with notice of the decision, serve a notice of the person’s intention to appeal against the decision on the Minister in the form provided or specified by the Minister.

(3) On receipt of the notification, the Minister shall refer the matter to an Appeal Tribunal established under section 101.

(4) The Appeal Tribunal may invite the person and the Minister to make written submissions to it in relation to the appeal.

(5) The Appeal Tribunal shall notify the person, in writing, of the following matters:

(a) the date and time of the hearing of the appeal;

(b) that the person may attend the hearing;

(6) An Appeal Tribunal may refuse to hear, or continue to hear, an appeal under this section if it is of the opinion that the appeal is vexatious, frivolous, an abuse of process or without substance or foundation.

(7) The Appeal Tribunal shall (unless the appeal is withdrawn, or discontinued or dismissed under subsection (6)) determine the appeal by—

(a) affirming the decision of the Minister to which the appeal relates, or

(b) substituting its determination for that decision.

(8) The Appeal Tribunal shall notify its determination in writing to the Minister and the person appealing.

(9) Within 3 months after the date on which an appeal is determined by an Appeal Tribunal, the Minister or person who appealed may appeal to the High Court on any question of law arising from the determination.

101. Appeal Tribunals.

101.— F160[…]

101A. F161[Appeal Tribunal

101A.— (1) On the commencement of section 24 of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 there shall stand established a tribunal which shall be known as the Appeal Tribunal to consider and determine appeals made pursuant to this Act.

(2) The Appeal Tribunal shall be independent in the exercise of its functions under this Act and shall regulate its own procedures.

(3) The Appeal Tribunal may sit in divisions of itself to consider appeals.

(4) The Appeal Tribunal shall consist of a chairperson and such number of ordinary members as the Minister considers necessary from time to time for the efficient discharge of its functions.

(5) The chairperson and the ordinary members of the Appeal Tribunal shall be appointed by the Minister and the appointment shall be subject to such terms and conditions, including terms and conditions relating to remuneration, as the Minister may determine with the consent of the Minister for Public Expenditure and Reform.

(6) Each member of the Appeal Tribunal shall be a practising barrister or solicitor of not less than 10 years’ practice.

(7) The term of office of a member of the Appeal Tribunal shall be 5 years and a member of the Appeal Tribunal shall be eligible for re-appointment as such member for a second term not exceeding 5 years.

(8) A member of the Appeal Tribunal may at any time resign his or her office as such member by giving notice in writing to the Minister and the resignation shall take effect on and from the date of receipt of the notice.

(9) A member of the Appeal Tribunal may be removed from office by the Minister for stated misbehaviour or if, in the opinion of the Minister, the member has become incapable through ill-health or otherwise of effectively performing the functions of the Appeal Tribunal.

(10) If a member of the Appeal Tribunal dies, resigns, becomes disqualified or is removed from office, the Minister may appoint another person to be a member of the Appeal Tribunal to fill the casual vacancy so occasioned and the person so appointed shall be appointed in the same manner as the member of the Appeal Tribunal who occasioned the vacancy and shall hold office for the remainder of the term of office for which his or her predecessor was appointed.

(11) Where a member of the Appeal Tribunal is—

(a) nominated as a member of Seanad Éireann,

(b) elected as a member of either House of the Oireachtas or to be a member of the European Parliament,

(c) regarded pursuant to Part XIII of the second Schedule to the European Parliament Elections Act 1997 as having been elected to that Parliament,

(d) elected or co-opted as a member of a local authority,

(e) appointed to judicial office, or

(f) appointed Attorney General,

he or she shall thereupon cease to be a member of the Tribunal.]

102. Provision of information by Garda Síochána as to whether or not person is fit and proper person.

102.— (1) The Minister may request the Commissioner of the Garda Síochána to provide any information that is required to assist the Minister in determining, for the purposes of this Chapter, whether or not any of the following persons is a fit and proper person:

(a) the holder or proposed holder of an authorisation;

(b) in a case where the holder or proposed holder of the authorisation is a body corporate, a partnership or an individual carrying on, or proposing to carry on, business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(c) any person who is a beneficial owner of the business of the holder or proposed holder of the authorisation concerned.

(2) Notwithstanding any other enactment or rule of law, the Commissioner of the Garda Síochána shall provide the Minister with information in accordance with a request of the Minister under this section.

103.— (1) The functions of a State competent authority, in relation to designated persons, under Chapter 8, may be performed by the Minister F162[to assist in carrying out] functions in relation to trust or company service providers under this Chapter.

(2) For that purpose, sections 66 to 83 apply with any necessary modifications, including the following:

(a) a relevant authorised officer has, in respect of trust or company service providers within the meaning of this Chapter, all of the functions that an authorised officer appointed by a State competent authority under section 72 has in respect of designated persons;

(b) a judge of the District Court, in the case of an application under section 78 by a relevant authorised officer in respect of a trust or company service provider, has all of the functions that such a judge has, in the case of a similar application under that section by an authorised officer appointed by a State competent authority under section 72, in respect of a designated person;

(c) section 79 applies so as to enable a relevant authorised officer to be accompanied and assisted in the exercise of the officer’s powers as referred to in that section;

(d) section 80 applies to a person who engages in conduct, referred to in that section, in relation to—

(i) a relevant authorised officer, and

(ii) any person accompanying and assisting the officer in accordance with section 79 as applied by paragraph (c).

(3) This section has effect whether or not the Minister is the State competent authority for any class of trust or company service providers.

(4) In this section “relevant authorised officer” means an authorised officer appointed by the Minister under section 72, as applied by this section.

104. Register of persons holding authorisations.

104.— (1) The Minister shall establish and maintain a register of persons authorised under this Chapter to carry on business as a trust or company service provider containing—

(a) the name and the address of the principal place of business of each person authorised to carry on business as a trust or company service provider, and

(b) such other information as may be prescribed.

(2) The register may be in book form, electronic form or such other form as the Minister may determine. The register may be maintained in an electronic, mechanical or other non-written form only if it is capable of being reproduced in a written form.

(3) The Minister shall maintain the register F163[at an office in the State].

(4) Members of the public are entitled, without charge, to inspect the register F163[during ordinary business hours].

F164[(5) The Minister may publish a register in written, electronic or other form and a member of the public is entitled to obtain a copy of a register or of an entry in a register on payment of such reasonable copying charges as may be prescribed (if any).]

(6) The holder of an authorisation to whom an entry in the Register relates shall, as soon as practicable after the holder becomes aware of any error in the entry, or any change in circumstances that is likely to have a bearing on the accuracy of the entry, give notice in writing to the Minister of the error or change in circumstances, as the case may be.

(7) In any legal proceedings, a certificate purporting to be signed by the Minister and stating that a person—

(a) is recorded in the Register as the holder of an authorisation,

(b) is not recorded in the Register as the holder of an authorisation,

(c) was recorded in the Register as being, at a specified date or during a specified period, the holder of an authorisation, or

(d) was not recorded in the Register as being, at a specified date or during a specified period, the holder of an authorisation,

is evidence of the matter referred to in paragraph (a), (b), (c) or (d) (as the case may be), and is taken to have been signed by the person purporting to have signed it, unless the contrary is shown.

(8) The Minister may prescribe particulars for the purposes of subsection (1) (b) or section 105 only if satisfied that those particulars reasonably relate to the business of trust or company service providers or to the regulation of the business of trust or company service providers under this Part.

105. Minister to publish list of persons holding authorisations.

105.— The Minister shall, not less frequently than once during every period of 12 months after the commencement of this section, publish in Iris Oifigiúil a list of persons holding authorisations, together with other prescribed particulars (if any).

106. Holders of authorisations to retain certain records.

106.— (1) The holder of an authorisation shall—

(a) retain at an office or other premises in the State such records as may be specified by the Minister, and

(b) notify the Minister in writing of the address of any office or other premises where those records are retained.

(2) The requirement imposed by subsection (1) is in addition to, and not in substitution for, any other requirements imposed under any other enactment or rule of law with respect to the retention of records by the holder of an authorisation, including the requirements specified in section 55.

(3) The holder of an authorisation shall retain the records referred to in subsection (1) for a period of not less than 6 years after—

(a) in the case of a record made in relation to a customer of the holder, the last dealing with the customer, or

(b) in any other case, the record is made.

(4) The holder of an authorisation may keep the records referred to in subsection (1) wholly or partly in an electronic, mechanical or other non-written form only if they are capable of being reproduced in a written form.

(5) The obligations that are imposed on a holder of an authorisation under this section continue to apply to a person who has been the holder of an authorisation, but has ceased to hold an authorisation or to carry on business as a trust or company service provider.

(6) A requirement for the holder of an authorisation that is a body corporate to retain any record under this section applies to any body corporate that is a successor to, or a continuation of, the body corporate.

(7) The Minister may make regulations prescribing requirements relating to the retention of records referred to in this section of a body corporate that is wound up or a partnership that is dissolved.

(8) A person who fails to comply with this section commits an offence and is liable—

(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or

(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).

Chapter 9A Virtual Asset Service Providers

106A. Interpretation

106A.— F166[…]]

106B. F167[Fit and proper person

106B.— F168[…]]

106C. F169[Registrations held by partnerships

106C.—F170[…]]

106D. F171[Scope of Bank’s supervision - performance of certain functions

106D.—F172[…]]

106E. F173[Obligation on virtual asset service providers to register with Bank

106E.— F174[…]]

106F. F175[Transitional provision for existing virtual asset service providers

106F.— F176[…]]

106G. F177[Application for registration

106G.— F178[…]]

106H. F179[Grant and refusal of applications for registration

106H.— F180[…]]

106I. F181[Bank may impose conditions when granting an application for registration

106I.— F182[…]]

106J. F183[Terms of registration

106J.— F184[…]]

106K. F185[Bank may amend registration

106K.— F186[…]]

106L. F187[Regulatory disclosure statement

106L.—F188[…]]

106M. F189[Offence to fail to comply with conditions or prescribed requirements

106M.—F190[…]]

106N. F191[Holder of registration to ensure that beneficial owners are fit and proper persons

106N.— F192[…]]

106O. F193[Revocation of registration by Bank on application of holder

106O.— F194[…]]

106P. F195[Revocation of registration other than on application of holder

106P.— F196[…]]

106Q. F197[Direction not to carry out business other than as directed

106Q.—F198[…]]

106R. F199[Bank to publish notice of revocation

106R.—F200[…]]

106S. F201[Register of Virtual Asset Service Providers

106S.—F202[…]]

106T. F203[Restriction on acquisition of beneficial interest in holders of registrations

106T.—F204[…]]

106U. F205[Powers of Bank in relation to beneficial owners

106U.—F206[…]]

106V. F207[Obligation on holder of registration to report certain suspicions to Bank

106V.—F208[…]]

106W. F209[Provision of information by Garda Síochána as to whether or not person is fit and proper person

106W.— F210[…]]

106X. F211[Bank’s power to make regulations

106X.— F212[…]]

106Y. F213[Holders of registrations to retain certain records

106Y.— F214[…]]

106Z. Purpose of Chapter

106Z.— (1) The purpose of this Chapter is to make provision for the meaning that certain words or expressions shall have in regulations that are made, on or after the commencement of section 26 of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021, under section 3 of the European Communities Act 1972 , for the purpose of giving effect to Article 31 of the Fourth Money Laundering Directive.

(2) Nothing in this Chapter applies to the construction of a word or expression used in another Chapter of this Part.]

106ZA. F216[Operation and interpretation (Chapter 9B)

106ZA.— (1) Where the relevant regulations specify that, with respect to a particular word or expression, the designated meaning in the Act of 2010 shall apply then the meaning as hereafter provided in this Chapter shall apply with respect to that word or expression.

(2) A reference in this Chapter to a definition being ‘designated’ with respect to a particular word or expression is a reference to the definition (with respect to the particular word or expression) being designated for the purposes of the relevant regulations.

(3) In this Chapter—

"Act of 1997" means the Taxes Consolidation Act 1997;

"relevant regulations" means the regulations referred to in section 106Z(1).

(4) In this Chapter, a reference to the Fourth Money Laundering Directive is a reference to that Directive as amended by the Fifth Money Laundering Directive.]

106ZB. F217[Power to prescribe certain matters

106ZB.— The Minister for Finance may by regulations provide for any matter referred to in this Chapter as prescribed or to be prescribed.]

106ZC. F218[Relevant trust - designated meaning

106ZC.— (1) The following definition is designated with respect to "relevant trust":

"relevant trust" means an express trust established by deed or other declaration in writing and any other arrangement or class of arrangements as may be prescribed but does not include an excluded arrangement.

(2) For the purposes of the definition, designated by subsection (1), with respect to "relevant trust", "excluded arrangement" means an arrangement of the following kind:

(a) an occupational pension scheme that is an approved scheme pursuant to Chapter 1 of Part 30 of the Act of 1997;

(b) an approved retirement fund within the meaning of Chapter 2 of Part 30 of the Act of 1997;

(d) a trust for restricted shares within the meaning of section 128D of the Act of 1997;

(e) the Haemophilia HIV Trust which was established by deed dated the 22nd day of November 1989, made between the Minister for Health, of the one part and certain other persons, of the other part;

(f) a unit trust within the meaning of the European Union (Modifications of Statutory Instrument No. 110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020 ( S.I. No. 233 of 2020 ), the beneficial ownership of which, by virtue of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 ( S.I. No. 110 of 2019 ), is required to be registered in the Central Register of Beneficial Ownership of Irish Collective Asset-management Vehicles, Credit Unions and Unit Trusts;

(g) such other arrangement or class of arrangements as may be prescribed.

(3) For the purpose of ensuring the uniform application of European Union law between Member States, the Minister for Finance may prescribe any arrangement or class of arrangements to be an excluded arrangement for the purpose of subsection (2)(g), where he or she is satisfied that such arrangement or class of arrangements is not an express trust or similar legal arrangement within the meaning of the Fourth Money Laundering Directive, taking into consideration such information as is available to him or her on the following matters—

(a) the low risk of money laundering or terrorist financing presented by such arrangement or class of arrangements having regard, in particular, to:

(i) the legal structure of such arrangement or class of arrangements;

(ii) any supervision or regulation of such arrangement or class of arrangements under any enactment, and

(b) the non-application of Article 31 of the Fourth Money Laundering Directive to arrangements in other Member States having comparable purposes and structures to such arrangement or class of arrangements.

(4) For the purpose of ensuring the uniform application of European Union law between Member States, the Minister for Finance may prescribe any arrangement or class of arrangements to be a relevant trust for the purpose of the definition, designated by subsection (1), with respect to "relevant trust" where he or she is satisfied that such arrangement or class of arrangements is an express trust or a similar legal arrangement within the meaning of the Fourth Money Laundering Directive, taking into consideration such information as is available to him or her on the following matters—

(a) the risk of money laundering or terrorist financing presented by such arrangement or class of arrangements having regard, in particular, to:

(i) the legal structure of such arrangement or class of arrangements;

(ii) the absence of, or any limitations in, the supervision or regulation of such arrangement or class of arrangements under any enactment,

and

(b) the application of Article 31 of the Fourth Money Laundering Directive to arrangements in other Member States having comparable purposes and structures to such arrangement or class of arrangements.]

106ZD. F219[Beneficial owner in relation to relevant trusts - designated meaning

106ZD.— (1) Subject to subsections (5) to (7), the following definition is designated with respect to "beneficial owner" (in relation to a relevant trust):

"beneficial owner", in relation to a relevant trust, means any of the following:

(a) any individual who is entitled to a vested interest in possession, remainder or reversion, whether or not the interest is defeasible, in the capital of the relevant trust property;

(b) in the case of a relevant trust other than one that is set up or operates entirely for the benefit of individuals referred to in paragraph (a), the class of individuals in whose interest the trust is set up or operates;

(d) the settlor;

(e) the trustee;

(f) the protector.

(2) For the purposes of the definition, designated by subsection (1), with respect to "beneficial owner" (in relation to a relevant trust), subsections (3) to (7) shall apply; the relevant regulations may, for convenience of reference, set out any of the provisions of this section (whether those that precede or follow this subsection) notwithstanding the application (provided for by section 106ZA(1)) of those provisions to those regulations.

(3) Except as provided by subsection (5), in this section "control", in relation to a relevant trust, means a power (whether exercisable alone, jointly with another person or with the consent of another person) under the trust instrument concerned or by law to do any of the following:

(a) dispose of, advance, lend, invest, pay or apply the trust property;

(b) vary the relevant trust;

(d) appoint or remove trustees;

(e) direct, withhold consent to or veto the exercise of any power referred to in paragraphs (a) to (d).

(4) For the purposes of the definition of "control" in subsection (3), an individual does not have control solely as a result of the power exercisable collectively at common law to vary or extinguish a trust where the beneficiaries under the trust are at least 18 years of age, have full capacity and (taken together) are absolutely entitled to the property to which the trust applies.

(5) Notwithstanding subsection (1), "beneficial owner", in relation to a relevant trust established for the purpose of holding any assets of an approved body of persons established for, and existing for, the sole purpose of promoting amateur games or amateur sports within the meaning of section 235 of the Act of 1997, means the trustees, the committee or other governing body of the club or association, and any other individual who has control over the relevant trust.

(6) Notwithstanding subsection (1), "beneficial owner", in relation to a relevant trust that is a charitable trust within the meaning of section 2 of the Charities Act 2009, means the trustees and the committee or other governing body of the charitable trust, and any other individual who has control over the charitable trust.

(7) Notwithstanding subsection (1), ‘beneficial owner’, in relation to an estate—

(a) of a deceased person in the course of administration, and

(b) in relation to which there is provision for a relevant trust for one or more beneficiaries,

means the executor or administrator of the estate, and no other person, for the period in which the estate is being administered.]

Chapter 10 Other

107. Guidelines.

107.— F220[…]

107A. F221[Defence

107A.— It shall be a defence in proceedings for an offence under this Part for the person charged with the offence to prove that the person took all reasonable steps to avoid the commission of the offence.]

108. Minister may delegate certain functions under this Part.

108.— (1) The Minister may, by instrument in writing, delegate any of the Minister’s functions under Chapter 8 or 9, or under section 109, to a named officer or an officer of a particular class or description.

(2) A delegation under this section may be made subject to such conditions or limitations as to the performance of any of the functions delegated, or as to time or circumstance, as may be specified in the instrument of delegation.

(3) The Minister may, by instrument in writing, revoke a delegation under this section.

(4) A function delegated under this section may, while the delegation remains unrevoked, be performed by the delegate in accordance with the terms of the delegation.

(5) The Minister may continue to perform any functions delegated under this section.

(6) Nothing in this section shall be construed as affecting the application to this Act of the general law concerning the imputing of acts of an officer of a Minister of the Government to the Minister of the Government.

(7) In this section, “officer” means an officer of the Minister who is an established civil servant for the purposes of the Civil Service Regulation Act 1956.

108A. F222[Obligation for certain designated persons to register with Central Bank of Ireland

108A.— (1) Subject to subsection (2), a person who is a designated person pursuant to paragraph (a) of the definition of "financial institution" in section 24(1) and section 25(1)(b) F223[…] shall register with the Bank.

(2) Subsection (1) shall not apply to a designated person that is authorised or licensed to carry on its activities by, or is registered with, the Bank under—

(a) an Act of the Oireachtas (other than this Act),

(b) a statute that was in force in Saorstát Éireann immediately before the date of the coming into operation of the Constitution and that continues in force by virtue of Article 50 of the Constitution, or

(3) A designated person who is required to register under this section commits an offence if the person fails to do so and is liable—

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or

(b) on conviction on indictment to a fine or imprisonment for a term not exceeding 5 years (or both).

(4) The Bank shall establish and maintain a register of persons that register under this section (referred to in this section as "the Register").

(5) The following particulars shall be entered into the Register in respect of each designated person registered:

(a) the name of the designated person;

(b) the address of the head office and registered office of the designated person;

(c) the activities that the designated person carries out that are contained within the meaning of paragraph (a) of the definition of financial institution in section 24(1).

(6) F223[…]

(7) The Bank may specify a procedure for registering under this section.

(8) The Register may be in book form, electronic form or such other form as the Bank may determine. The Register may be maintained in an electronic, mechanical or other non-written form only if it is capable of being reproduced in a written form.

(9) The particulars entered in the Register pursuant to this section relating to a person who is a designated person pursuant to section 25(1)(b) and paragraph (a) of the definition of financial institution in section 24(1) may be removed from the Register where that person ceases to be a designated person pursuant to those provisions or is authorised or licensed to carry on its activities by, or is registered with, the Bank under an enactment specified in paragraph (a), (b) or (c) of subsection (2).

(10) F223[…]

(11) In this section "Bank" means the Central Bank of Ireland.]

108B. F224[Obligation for cheque cashing offices to register with Central Bank of Ireland

108B.— (1) A person shall not carry on business as a cheque cashing office unless the person is registered under this section.

(2) A person who contravenes subsection (1) commits an offence and is liable—

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or

(b) on conviction on indictment, to a fine not exceeding €500,000 or imprisonment for a term not exceeding 3 years (or both).

(3) Save to the extent that such procedures are provided for under this section, the Bank may specify procedures for registering under this section.

(4) An individual, body corporate or partnership may apply to the Bank to be registered under this section.

(5) An application for registration under this section shall—

(a) be in a form provided or specified by the Bank,

(b) specify the name of—

(i) the applicant,

(ii) in a case where the applicant is a body corporate or partnership, any principal officer of the body corporate or partnership (as the case may be), and

(iii) any person who is, or is proposed to be, a beneficial owner of the applicant,

(d) specify the address at which the business of a cheque cashing office is proposed to be carried on, and

(e) contain such other information, and be accompanied by such documents, as the Bank may reasonably request including, for the purposes of the Bank assessing whether persons referred to in paragraph (b) are fit and proper persons, such information and documents as the Bank may reasonably require relating to the steps taken by the applicant to ensure that those persons are fit and proper persons and the process of verification carried out by the applicant for the purposes of so ensuring.

(6) The Bank may, by written notice given to an applicant, require the applicant to provide, within the period of not less than 14 days specified in the notice, such additional information and documents as are reasonably necessary to enable the Bank to determine the application for registration under this section.

(7) Subject to section 108D, the Bank may refuse an application for registration under this section only if—

(a) the application does not comply with the requirements of subsection (5),

(b) the applicant does not provide any additional documents or information in accordance with a notice given under subsection (6),

(c) the Bank has reasonable grounds to be satisfied that information given to the Bank by the applicant in connection with the application is false or misleading in any material particular,

(d) the Bank has reasonable grounds to be satisfied that any of the following persons is not a fit and proper person:

(i) the applicant;

(ii) in a case in which the applicant is a body corporate or partnership, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is, or is proposed to be, a beneficial owner of the applicant,

(e) the applicant has failed to satisfy the Bank that the applicant would, if registered, comply with the obligations imposed on it under this Chapter,

(f) the applicant has failed to satisfy the Bank that the applicant would, if registered, comply with each of the following:

(i) any conditions to which the registration would have been subject;

(ii) a direction of the Bank under section 108G(1),

(g) the applicant is so structured, or the business of the applicant is so organised, that the applicant is not capable of being regulated under this Chapter to the satisfaction of the Bank,

(h) in a case where the applicant is a body corporate, the body corporate is being wound up,

(i) in a case where the applicant is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890 or otherwise,

(j) in a case where any person referred to in paragraph (d) has been authorised to carry on business as a cheque cashing office in another Member State, an authority of the other Member State that performs functions similar to those of the Bank under this Chapter has terminated the authority of the person to carry on business as a cheque cashing office in the other Member State, or

(k) in a case where the applicant is a subsidiary of a body corporate that is authorised to carry on business as a cheque cashing office in another Member State, an authority of the other Member State that performs functions similar to those of the Bank under this Chapter has terminated the authority of the body corporate to carry on business as a cheque cashing office in the other Member State.

(8) If the Bank does not refuse an application for registration, the Bank shall register the applicant under this section.

(9) The Bank shall establish and maintain a register of persons registered under this section (referred to in this section as "the Register").

(10) The following particulars shall be entered into the Register in respect of each person registered under this section (in this section and sections 108C to 108I referred to as “the person registered”):

(a) the name of the person registered;

(b) the address of the registered office of the person registered;

(11) Subject to subsection (12), the Register may be in book form, electronic form or such other form as the Bank may determine.

(12) The Register may be maintained in an electronic, mechanical or other non-written form only if it is capable of being reproduced in a written form.

(13) In this section and sections 108C to 108I—

"Bank" means the Central Bank of Ireland;

"principal officer" has the same meaning as it has in Chapter 9.]

108C. F225[Cancellation of registration and removal from register

108C.— (1) Subject to section 108D, the Bank may cancel the registration of a person under this section only if the Bank has reasonable grounds to be satisfied of any of the following:

(a) the person registered has not commenced to carry on business as a cheque cashing office within 12 months after the date on which the person was registered;

(b) the person registered has not carried on such a business within the 6 months immediately preceding the cancellation;

(d) any of the following persons is not a fit and proper person:

(i) the person registered;

(ii) in a case where the person registered is a body corporate or partnership, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is a beneficial owner of the person registered;

(e) the person registered has contravened or is contravening the obligations imposed on it under this Chapter;

(f) the person registered has contravened or is contravening any of the following:

(i) a condition to which the registration is subject;

(ii) a direction of the Bank under section 108G(1);

(g) the person registered is so structured, or the business of that person is so organised, that the person is not capable of being regulated under this Chapter;

(h) in a case where the person registered is a body corporate, the body corporate is being wound up;

(i) in a case where the person registered is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890 or otherwise;

(j) in a case where any person referred to in paragraph (d) has been authorised to carry on business as a cheque cashing office in another Member State, an authority of the other Member State that performs functions similar to those of the Bank under this Chapter has terminated the authority of the person to carry on business as a cheque cashing office in the other Member State;

(k) in a case where the person registered is a subsidiary of a body corporate that is authorised to carry on business as a cheque cashing office in another Member State, an authority of the other Member State that performs functions similar to those of the Bank under this Chapter has terminated the authority of the body corporate to carry on business as a cheque cashing office in the other Member State.

(2) The particulars relating to a person entered in the Register pursuant to this section shall be removed from the Register where the Bank cancels the registration of that person in accordance with this section.]

108D. F226[Notice of refusal or cancellation of registration and right to make representations

108D.— (1) If the Bank proposes to—

(a) refuse to register a person under section 108B, or

(b) cancel a registration of a person under section 108C,

the Bank shall serve on the person a notice in writing informing the person of the Bank’s intention to refuse to register the person or cancel the registration, as the case may be.

(2) A notice served under subsection (1) shall—

(a) specify the grounds on which the Bank proposes to refuse or cancel the registration, and

(b) inform the person that the person may, within 21 days after the serving of the notice, make written representations to the Bank showing why the Bank should register the person, or not cancel the registration, as the case may be.

(3) Not later than 21 days after a notice is served on a person under subsection (1), the person may make written representations to the Bank showing why the Bank should register the person, or not cancel the registration, as the case may be.

(4) The Bank may—

(a) refuse to register a person under section 108B, or

(b) cancel a registration of a person under section 108C,

as the case may be, only after having considered any representations made by the person in accordance with subsection (3).

(5) As soon as practicable after refusing to register a person under section 108B or cancelling a registration under section 108C, the Bank shall serve a written notice of the refusal or cancellation, as the case may be, on the person concerned, including a statement setting out the reasons for the refusal or cancellation, as the case may be.

(6) A decision of the Bank to refuse to register a person under section 108B or to cancel a registration under section 108C is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.]

108E. F227[Registration subject to conditions

108E.— (1) The Bank may decide to register a person under section 108B subject to such conditions as the Bank considers necessary for the proper and orderly regulation of the registered person’s business as a cheque cashing office and, in particular, for preventing the business from being used to carry out money laundering or terrorist financing.

(2) If, under this section, the Bank decides to register a person subject to conditions, the Bank shall serve on the person registered a written notice of the conditions that includes a statement setting out the reasons for the decision.

(3) A person registered commits an offence if he or she fails to comply with any condition to which the registration is subject and is liable—

(a) on summary conviction, to a class C fine, or

(b) on conviction on indictment, to a fine not exceeding €100,000.

(4) A decision of the Bank to register a person subject to conditions under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.]

108F. F228[Person registered to ensure that principal officers and beneficial owners are fit and proper persons

108F.— A person registered shall take reasonable steps to ensure that the following persons are fit and proper persons:

(a) in a case where the person registered is a body corporate, a partnership or an individual carrying on business as a cheque cashing office as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(b) any person who is a beneficial owner of the business concerned.]

108G. F229[Direction not to carry out business other than as directed

108G.— (1) If the Bank reasonably believes that there may be grounds for cancelling a registration under section 108C, the Bank may serve on the person registered a direction in writing prohibiting that person from carrying on business as a cheque cashing office other than in accordance with conditions specified by the Bank in the direction.

(2) The Bank shall include in a direction under this section a statement—

(a) setting out the reasons for giving the direction,

(b) specifying the period during which the direction remains in force, and

(3) The Bank may, by notice in writing served on the person registered concerned, amend or revoke a direction given under subsection (1).

(4) Without prejudice to the generality of subsection (3), the Bank may, by notice in writing given to the person registered concerned, extend the period during which a direction remains in force by a further period or periods not exceeding 6 months.

(5) A direction under this section ceases to have effect—

(a) at the end of the period, not exceeding 6 months, specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, or

(b) on the cancellation of the registration of a person under section 108C, whichever occurs first.

(6) A person who contravenes a direction given under subsection (1), or fails to comply with a condition contained in the direction, commits an offence.

(7) A person who commits an offence under this section is liable—

(a) on summary conviction, to a class A fine, or

(b) on conviction on indictment, to a fine not exceeding €500,000 or imprisonment for a term not exceeding 3 years (or both).

(8) A decision of the Bank to give a direction under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.]

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