It may be a criminal offence if you fail to comply with the anti-money laundering obligations. The Law Society has issued Guidance Notes to assist solicitors in complying with their obligations. You can find the most recent (2010) version of the Guidance Notes on the LAB Bulletin Board.
Among the requirements of the legislation are:
- Solicitors / the Board are required to take measures to identify new clients and maintain records of their identity and also to apply other Client Due Diligence (CDD) procedures including the ongoing monitoring of the business relationship;
- We are required to have internal procedures for staff training and awareness; and
- You are required to report suspicious transactions to the Garda Siochana and the Revenue Commissioners.