Money Laundering Regulations

The regulated sector includes all businesses where large amounts of illegally obtained cash, property or goods could be bought, sold or exchanged and where it may be difficult to trace where it derives from or where it is likely to end up.

It is important to note that there is further legislation that applies to firms outside the sectors covered by the Money Laundering Regulations.

A fourth EU Money Laundering Directive drafted in 2014 will mean that the 2007 Regulations will be replaced.

The types of regulated business include all of the following:

• Financial services firms.
• Casinos
• Trusts or Company Service Providers.
• Estate agents.
• Accountancy services, audit services and tax advisers.
• Businesses accepting more than €15,000 (or equivalent) in cash for goods.
• Businesses that issue and administer means of payment (e.g. credit card issuers).

Businesses that carry out any of the following activities are also included:

• Lending
• Safe custody services.
• Financial leasing.
• Offering guarantees and commitments.
• Participation in securities issues.
• Advising on capital structures.
• Money broking.
• Portfolio management and advice.
• Safekeeping and administration of securities.
• Trading for own account or for the account of customers in certain financial instruments.