Anti-Money Laundering Training and Services

Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) services and training are provided by our sponsors, Compliance Ireland (in Ireland and Northern Ireland) and City Compliance (for UK and other non-Irish businesses).

For details of upcoming training courses please go to: www.complianceireland.com/Training.html or www.compliancetraining.ie. 

Upcoming training dates covering the new 2010 Act and the Core and Sectoral Guidance:

• In-depth full day training courses:
  • Thursday 28th October 2010 (9am – 5pm) - Dublin Click here  
  • Thursday 25th November 2010 (9am – 5pm) - Dublin Click here  
  • Tuesday 21st December 2010 (9am – 5pm) - Dublin Click here   

On this webpage you will find the answers to five key questions you should ask before engaging anyone to provide AML/CFT consulting and training services. 

1. Who runs the business and who performs the services?

Ans: Kevin O'Doherty (Director) and his senior staff provide the services of consulting and training.

Compliance Ireland is widely known throughout Ireland as a leading AML/CFT specialist firm, having worked for the largest domestic and international companies operating in Ireland.  Many of our clients are market leaders and amongst the largest capitalised financial institutions operating globally.  Equally, we service medium size and boutique financial services providers which operate in non-retail markets and therefore require different risk-based services when it comes to their business and product lines.  Our background is set out at www.complianceireland.com/aboutus.html.  

     2. What are your consulting services?

Ans: Our consulting services are 'risk-based' focused.

We write and implement 'risk-based' AML/CFT Manuals, Policies, Procedures and Checklists.  See our sponsor's (Compliance Ireland Regulatory Services Limited) website www.complianceireland.com for information of how we have assisted dozens of financial and non-financial services firms by writing tailored 'risk-based' anti-money laundering and counter-financing of terrorism business Manuals, Policies and Procedures and Checklists.  Compliance Ireland also specialises in performing AML/CFT risk assessments and remedial action exercises in a discrete manner.  We have recently conducted AML/CFT risk analysis for a mutual fund and insurance company.  In both cases our client wished to take over the business of a third party but required an independent analysis of the real AML/CFT risk presented by taking over the existing business.  These assignments were not just about regulatory compliance, but rather required Compliance Ireland to provide strategic business advice to our clients' directors in Ireland and their overseas parent companies.  The challenges which were successfully met required a smooth transition from the outgoing service provider to the incoming service provider whilst effectively managing the AML/CFT risks being inherited by our clients. 

We do not practice as accountants, so we are not compelled to report you (our clients) to the ODCE, IFSRA, Garda or Revenue Commissioners under the Criminal Justice Act (1994), the Central Bank & Financial Services Authority of Ireland Acts (2003 & 2004) or the Company Law Enforcement Act (2001) or similar legislation.  This means that we may treat your information in a highly confidential manner; so unlike your accounting or legal advisors, we are not required to report you or your AML failures to the authorities.  Thus we can help you resolve your regulatory problems in a discrete and non-public way - but we do not, under any circumstances, condone money laundering or failures to implement procedures to detect and prevent it.  Our aim is to help you resolve your regulatory predicament and, where you are regulated by a professional body or trade association, we shall assist you with any disclosures you are compelled to make to the authorities and your regulator (for example, Irish financial and insurance businesses must fully consider the ramifications of failing to report a regulatory breach to IFSRA).  However, you can trust us to help rectify your business processes and to get your AML/CFT systems and documentation in order without fear that we shall be obliged to report you to the authorities - think about that!

All regulatory consulting services performed for you will be performed through Compliance Ireland.  So please visit www.complianceireland.com to learn more about Compliance Ireland and for details of the compliance, anti-money laundering, corporate governance and data protection services that Compliance Ireland offers.

      3. Who do you train?

Ans: Every business regulated for AML/CFT purposes.

AML/CFT training courses are available for both Irish and UK anti-money laundering regulated businesses. In Ireland, the term used to described those regulated for AML/CFT purposes is 'designated bodies'; in the UK the equivalent term is (generally) ‘regulated business sector’. These classes of persons and businesses include:

• banks (retail, investment, wholesale, clearing, private and specialist non-clearing banks, e.g. IFSC banks),
• building societies,
• fund administrators (transfer agents/shareholder records),
• fund managers,
• stock brokers (broker-dealers),
• custodians,
• trustees,
• directors of mutual funds,
• non-executive directors,
• leasing and structured finance arrangers,
• money lenders,
• insurance companies,
• electronic money institutions,
• money transmission business,
• bureaux de exchange,
• payment institutions,
• trust and company service providers,
• accountants,
• auditors,
• solicitors,
• real estate agents and auctioneers,
• casinos, casino-like businesses and private member gaming clubs,
• dealers in high value goods, and
• all other entities regulated for AML/CFT purposes.

Some of these businesses have specialist regulators such as the Financial Regulator (Ireland) and the Financial Services Authority (UK), which prescribed additional AML/CFT rules for those they regulate.

      4.  Why use you?

Ans: Our experience is extensive, unique and practical.

See the answer to Question 1 above.  Kevin O'Doherty, owner and director of Compliance Ireland has a background and training as a chartered accountant, senior executive in banking and managing director of PFPC's Irish custodial/trustee business gives him a unique business and operational edge. Kevin has carried out the functions of Compliance Officer and MLRO and so brings a refreshing practical approach to resolving AML/CFT risk-based issues for our clients.

5. How is training delivered? 

Ans: public and in-house courses.

We provide training through both publicly advertised training courses and also specialist in-house courses tailored to our clients' needs. We don’t just train your staff and then leave it for you to figure out how to embed processes and procedures. Our in-house training clients have retained us to help structure and refine their AML policies and procedures. These firms recognise that anti-money laundering training is but only one vital component of solid AML and Know Your Customer procedures. In the words of the FSA, when issuing a €550,000 penalty against an Irish bank operating in the UK, “these transactions were high-risk in terms of providing scope for money laundering and were in breach of [the Banks’] policies and procedures. Furthermore, they continued for a period of four years. [The Bank] did not establish adequate systems and controls to monitor the issuing of bank drafts and did not check that its staff understood fully their anti-money laundering responsibilities in relation to the recognition and reporting of suspicious transactions” Click here to read more.

For information about Compliance Ireland's public and in-house training courses visit the Training and Services page on this website by clicking here.

Looking for our latest Anti-Money Laundering and Counter Financing of Terrorism Courses? - Then click here: www.complianceireland.com/AMLDubFIs.html for dates of full day courses in Dublin and Cork from September to December 2009.

In a nutshell, we have trained and delivered compliance, corporate governance, risk and other regulatory presentations:

• to more than 2,000 professionals from Ireland, the UK, other European Member States, U.S., Australia and Africa. This include Company Directors, Compliance Officers, MLROs, Regulators, Accountants, Lawyers, Human Resources professionals and Civil Servants,
• across more than 380 Irish and UK financial services firms, law firms, universities, telecom businesses and government bodies,
• to in excess of 270 businesses based in other European Members States, the U.S., Australia and Africa.
• 80 staff from law firms, including Partners, Assistants and clerks on Anti-Money Laundering;
• 100 staff of various accounting firms at training arranged by their professional associations; and
• 200 plus directors, MLROs and staff of credit unions on behalf of the Irish League of Credit Unions, as part of the ILCU's national anti-money laundering awareness and data protection campaigns for credit unions.

We also present papers at regulatory conferences in Ireland, continental Europe, Australia, South Africa and Middle-East (Dubai and Kuwait).

Publicly available training courses:

To see our current programme of public training courses please click this link.

In-house training courses:

Regardless of your industry, we will design and deliver effective anti-money laundering training to your directors, senior management and staff, focussing on your particular business model. Our in-house training methodology includes meeting with senior management to discuss their business model and identify the types of activity that are reportable for that particular business. From our experience, we know that one of the areas that firms have trouble ‘getting across to their staff’ are the specific types of suspicious activity which may affect their firm and which are not listed in industry guidance notes. We have built a bank of such examples, which are delivered in a way to maximise the effectiveness (and interest) in training. To read more about our in-house training click this link (and scroll to bottom of that page).

Conferences and Events

In addition, Peter presents papers at local and international conferences on anti-money laundering, compliance and corporate governance. Peter presents papers to all types of professionals on the topics of corporate governance, compliance, anti-money laundering and data protection. Such wide experience coupled with Peter’s extensive commercial background gives clients a thorough and comprehensive understanding on their obligations – not just in terms of anti-money laundering – but more importantly, how to implement adequate AML systems and controls in the face of competing pressures (and sometimes even conflicts!).

Here are details of some of the conferences and seminars at which we have presented: 

• Institute of Chartered Accountants in Ireland (June 2009)
• Association of Chartered Certified Accountants - (April 2008)
• Central Bank of Kuwait - International Seminar on Anti-Money Laundering and Combating Terrorist Financing, Kuwait (November 2006)
• Financial Services Ireland - Anti-Money laundering - 3rd Directive (November 2006)
• Institute of Bankers - Compliance - Corporate and Personal Responsibilities (March 2006)
• Infoline's Consumer Protection and Minimum Competency Requirements seminar (September 2006)
• IIR's conference Anti-Money Laundering in Ireland' Data Protection in Ireland and chairing the Corporate Governance in Ireland seminars (various dates in 2004-2008)
• Century Law Training's conference 'Managing Your Legal Practice in the 21st Century' and 'Cost Effective Anti-Money Laundering Training' at an industry-wide anti-money laundering conference (2004 -2006).
• 2nd Annual European Anti-Money Laundering Conference in Barcelona, Spain (2005).