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Domestic
European
Related areas
Updated Q&A on the Minimum Competency Code and Minimum Competency Regulations
On 8 July, the Central Bank of Ireland (CBI) published an updated version of its Q&A on the Minimum Competency Code 2017 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017. The new questions and answers were added or updated as at 30 June 2026.
Administrative sanctions framework for trust and company service providers established
On 3 July, notice of the European Union (Money Laundering and Terrorist Financing) (Administrative Sanctions) Regulations 2026 (2026 AML Regulations) was published in Iris Oifigiúil. The 2026 AML Regulations insert new Chapter 11 into Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (2010 Act), creating an administrative sanctions framework for trust and company service providers. The 2026 AML Regulations also amend section 97(1) of the 2010 Act, adding a new ground on which the Minister for Justice may revoke the authorisation of a trust or company service provider where it has failed to comply with an administrative sanction imposed on it. The 2026 AML Regulations came into operation on 30 June 2026.
Regulations amending rules for accessing the Central Register of Beneficial Ownership of Trusts published
On 17 July, notice of the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) (Amendment) Regulations 2026 (2026 Beneficial Ownership of Trusts Regulations) was published in Iris Oifigiúil. The 2026 Beneficial Ownership of Trusts Regulations, which are in force, give effect to Articles 11, 12, 13 and 15 of Directive (EU) 2024/1640 via amendments to the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021.
CBI Financial Crime Bulletin
On 22 July, the CBI published the second issue of its Financial Crime Bulletin, covering relevant updates since the start of January 2026. The bulletin discusses the recent AML/CFT national risk assessment, the CBI’s expectations of firms managing financial crime risks, the roll out of the new AML/CFT risk evaluation questionnaire, AML updates, frauds and scams, recent European Court of Justice judgments that discuss how EU asset-freeze sanctions apply to assets held in trust structures, and supervisory expectations for reporting suspicious transactions and making order reports in relation to suspected market misconduct.
CBI commissions independent review of its enforcement activities
On 22 July, the CBI announced it has commissioned an independent review of the effectiveness and efficiency of its enforcement activities that will be led by Josephine Feehily, former Chair of the Policing Authority. The review will examine the CBI’s enforcement structures and processes, including in relation to case selection, decision-making, governance, timeliness and transparency. A report, including recommendations, will be provided to the CBI Governor and published in due course.
Supplemental Guidance on Prohibition Notices under the Fitness and Probity Regime
Following a consultation launched in January this year, the CBI published its Supplemental Guidance on Prohibition Notices under the Fitness and Probity Regime (supplemental guidance), together with a feedback statement, on 30 July. The supplemental guidance complements the CBI’s existing Guidance on Fitness and Probity Investigations, Suspensions and Prohibitions (April 2023) (main guidance) by providing additional detail on prohibition notices, including information on:
The supplemental guidance should be read together with the main guidance. It is effective from 30 July 2026.
AML: Consultation on draft ITS on the format for reporting suspicious transactions and providing transaction records
On 2 July, the Anti-Money Laundering Authority (AMLA) launched a consultation on draft implementing technical standards (ITS) on the format for reporting suspicious transactions and providing transaction records to financial intelligence units under Article 69(3) of Regulation (EU) 2024/1624 (AML Regulation). The consultation period will end on 20 September 2026.
AML: Final draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments
On 8 July, AMLA published its final report on regulatory technical standards (RTS) on pecuniary sanctions, administrative measures and periodic penalty payments under Article 53(10) of Directive (EU) 2024/1640. The final draft RTS specify indicators to classify the level of gravity of breaches, establish criteria to be considered when setting the level of pecuniary sanctions or applying administrative measures, and develop a methodology for the imposition of periodic penalty payments. The final draft RTS will be submitted to the European Commission for adoption before publication in the Official Journal of the EU.
AMLA Annual Report 2025
On 15 July, AMLA published its Annual Report 2025, providing an overview of its institutional development and the progress made in 2025 across its core tasks of developing the EU Single Rulebook, strengthening AML/CFT supervision and supporting cooperation between financial intelligence units.
AML: Final draft standards on supervisory co-operation for the selection and direct supervision of obliged entities
On 21 July, AMLA published its final report on draft ITS on supervisory co-operation in relation to the selection and direct supervision of obliged entities under Article 15(3) of Regulation (EU) 2024/1620 (AMLA Regulation). The final draft ITS specify how the selection process will be conducted, including data collection by national supervisors, notification of the decision to obliged entities selected for direct supervision and publication of the list of those selected obliged entities. The final draft ITS also set out the required steps when an obliged entity transitions between direct supervision by AMLA and supervision by its national supervisor. The ITS are submitted to the European Commission for adoption before publication in the Official Journal of the EU.
Date published: 6 August 2026
This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.