Trust Service Providers that are not subsidiaries of credit and financial institutions will continue to be authorised by the Department of Justice and Equality. The relevant legislation is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Competent Authority) Regulations 2014 (SI 79/2014).
"Trust or company service provider" means any person whose business it is to provide any of the following services:
- forming companies or other bodies corporate
- acting as a director or secretary of a company under an arrangement with a person other than the company
- arranging for another person to act as a director or secretary of a company
- acting, or arranging for a person to act, as a partner of a partnership
- providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership
- acting, or arranging for another person to act, as a trustee of a trust
- acting, or arranging for another person to act, as a nominee shareholder for a person other than a company whose securities are listed on a regulated market
The legislation imposes requirements on these designated businesses to provide to the fullest extent possible for the prevention of money laundering and terrorist financing. These obligations include ones to identify customers, to report suspicious transactions to An Garda Síochána and the Revenue Commissioners and to have specific procedures in place to provide to the fullest extent possible for the prevention of money laundering and terrorist financing.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.