Name
Global FinTech Guide
Country _ Name
Ireland
SectionTitle
KYC requirements
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The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

The primary piece of legislation in Ireland on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) is The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013 and by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 ("the CJA 2010").

The CJA 2010 transposed the European Union's Third Anti-Money Laundering Directive (2005/60/EC), its Implementing Directive (2006/70/EC) and the Fourth Anti-Money Laundering Directive ((EU) 2015/840) into domestic Irish Law.

National regulator or relevant authority for AML controls

Under the CJA 2010, the Central Bank of Ireland is the competent authority in Ireland for the monitoring and supervision of financial and credit institutions' compliance with their AML/CFT obligations. The Central Bank is empowered to take measures that are reasonably necessary to ensure that credit and financial institutions comply with the provisions of the CJA 2010.

Customer Due Diligence

Conduct of a typical KYC identification process

Typical KYC information required by banks and professional services firms are as follows:

  • Proof of incorporation/registration;
  • Up-to-date list of directors;
  • Identification of the ultimate beneficial owners;
  • Personal identification of at least 1 director (i.e. copies of a recent utility bill and passport or driver's license) and
  • Disclosure of any politically exposed persons.

KYC information does not need to be submitted for the incorporation of the company itself.

KYC information does not need to be submitted for registration of the branch.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations

It is important to note that the fact that a designated person, or third party, is carrying out its own consumer due diligence (“CDD”) to meet its AML obligations, does not negate the need for any other designated person to carry out CDD to satisfy their own AML obligations. Each designated person (whether a solicitor, or a financial or credit institution, etc.) involved in a transaction must, however, carry out their own individual CDD to satisfy their AML obligations. 

The statutory AML obligations of a designated entity will not be satisfied by simply seeking and/or receiving “confirmation” from another designated entity involved in a transaction. 

As per the AML legislation, each designated entity is required to fulfil their own statutory AML obligations, and it remains their responsibility and statutory obligation to do so, regardless of what other designated entities in a transaction may or may not be doing to meet their AML obligations.

Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)

There is no specific legislation in Ireland regulating outsourcing transactions other than regulations affecting specific industries such as the financial services sector.

Outsourcing by regulated financial services providers can be subject to specific rules and is an area of ever-increasing scrutiny by the CBI and European regulators. The

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