***Regional Event***

Almost a year has passed since the Central Bank of Ireland (CBI) published details of its observations and expectations in relation to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Sanctions (FS) Compliance by credit unions. The report, which was expected to serve as a guide to credit unions when assessing their AML/CFT/FS frameworks, also assisted the CBI in delivering against the Financial Action Task Force (FATF) recommendation which requires competent authorities to provide feedback to financial institutions.

Whilst acknowledging that examples of good practice were observed, it highlighted many areas that required attention. The CBI requires concrete evidence that shortcomings are being addressed by the sector by way of an annual submission from credit unions confirming that appropriate measures have been put in place to address the expectations outlined in the report. The first such confirmation will be due for submission to the CBI by 31st March 2017.

This workshop attempts to assist credit unions prepare in advance for this date and to ensure ongoing compliance with AML/CFT/FS obligations.

Event Details:

Topics discussed in this workshop will include:

• A description of the legal framework and penalties associated with breaches of the relevant rules and regulations
• Planning and carrying out an AML/CFT /FS risk assessment
• How to address the issues raised in the CBI Report
• Implications for credit unions arising from the forthcoming FATF Review of Ireland’s AML regime

Speaker:

Shane Martin – Regulatory Compliance Director, Walkers Ireland

Shane is a member of ACOI. He is based in Walkers’ Ireland office where he leads the Regulatory Compliance practice. He has significant experience in regulatory risk and compliance in financial services across the banking, insurance, asset management, credit union and payment services sectors. Prior to joining Walkers, Shane worked for a number of years for the Central Bank of Ireland where he managed the specialist anti-money laundering supervision team. During his time in the Central Bank, he played a key role in developing anti-money laundering strategy and policy as well as participating in a number of related enforcement cases.  Shane previously worked as an adviser with the Irish Banking Federation where he represented the banking sector’s interests on a wide range of legal and compliance matters.

CPD: 2 Hours Expected