Anti Money Laundering (AML) FAQ

What’s changing in AML?   

Across the EU and beyond, AML expectations are moving towards greater consistency in how AML rules are applied across Ireland and the EU. There will be increased focus on companies performing customer due diligence, ownership, and clear auditability across screening and governance processes, coming with AMLD6. 

What is AMLD6? 

AMLD6 is the new EU Anti‑Money Laundering Directive that updates how businesses identify customers, validate ownership structures, and detect and manage risk of financial and other crime. The scope will extend beyond financial services, and a much wider range of sectors will fall into AML regulation. Changes are due to begin mid 2026, starting with new rules governing Beneficial Ownership checks.  AMLD6 must be fully implemented in Ireland by 10 July 2027. 

What legislation governs AML in Ireland? 

Ireland’s AML framework is primarily governed by the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010-2021, which transpose the EU’s 4th, 5th, and 6th Anti Money Laundering Directives into Irish law. As an EU Member State, Ireland implements these regulations in full, creating a comprehensive structure that strengthens enforcement, expands criminal liability and increases transparency around beneficial ownership. 

Who is required to carry out AML checks? 

The requirement to undertake AML checks applies to a broad range of businesses in Ireland. This includes banks, credit unions, and other financial service providers, as well as solicitors, accountants, tax advisers, estate agents, trust or company service providers, virtual asset service providers (VASPs), and dealers in high-value goods where cash payments exceed €10,000. These organisations, collectively known as Designated Persons, must verify their customers, monitor transactions, and report any suspicious activity. 

What are businesses required to do under Irish AML regulations? 

Irish AML rules require businesses to identify and verify customers and beneficial owners using reliable, independent sources of information. Firms must assess the level of risk each customer presents and apply enhanced due diligence where higher risks are identified. In addition to this, they are required to conduct ongoing monitoring throughout the business relationship, maintain detailed records, implement internal AML policies, and provide regular staff training. Any suspicious behaviour must be reported promptly to the Financial Intelligence Unit (FIU Ireland). 

Why do I need to perform AML checks? 

Carrying out AML checks is essential not only to meet legal obligations but also to protect businesses from being exploited for fraud, organised crime, or terrorist financing. Ireland’s regulations emphasise the importance of understanding the true ownership of companies, especially where structures are complex or span multiple jurisdictions. Enhanced due diligence must be applied to politically exposed persons (PEPs), higher risk countries, unusual activity patterns, and any situation where the risk of money laundering is elevated. Strong AML processes significantly reduce exposure to regulatory penalties and reputational damage. 

What is Electronic Identity Verification (eIDV)? 

Electronic Identity Verification allows businesses to verify customer identities quickly and accurately using digital data sources. It supports AML and KYC compliance by matching personal information against trusted databases, reducing administrative burden, removing the need for customers to be physically present, and improves the overall onboarding experience. 

What is Customer Due Diligence (CDD)? 

Customer Due Diligence is the process of gathering information about a customer and verifying the accuracy before entering a business relationship. It involves understanding who the customer is, identifying beneficial owners, assessing the level of risk, and monitoring activity on an ongoing basis. In higher risk situations, firms must apply Enhanced Due Diligence measures to build a more complete picture of the customer and their financial behaviour. 

What are the benefits of using digital Identity and AML tools? 

Digital AML and identity verification tools provide businesses with a more efficient and reliable way to meet their compliance obligations. With solutions like CRIF’s identity verification services, organisations gain access to detailed intelligence such as identity validation, credit information, historical address links, behavioural indicators, and AML risk screening. These insights help organisations build a fuller profile of customers, identify potential concerns earlier and detect patterns associated with organised crime or fraud networks.