IRELAND Law and Practice Contributed by: Grainne Callanan, April McClements and Aisling Kavanagh, Matheson LLP
On foot of the feedback received, the CBI has amend- ed the Guidance to provide additional detail, to reflect the application of the principle of proportionality, and to confirm the appropriateness of case-by-case assessments. The changes include: • the nature and complexity of the firm should be taken into account when determining the appropri- ate level of due diligence required; • the introduction of new guidance to facilitate the appointment of a Temporary Officer when a PCF role becomes vacant; • the designation of a company secretary as CF-1 should be determined on a case-by-case basis, where the functions carried out by the individual enable them to exercise a significant influence on the conduct of the affairs of the firm; and • in relation to the ten-year look-back period, not- withstanding that ten years is given as a guide to relevance, firms should seek information in relation to all criminal, civil or regulatory actions in respect of an individual, regardless of when they may have occurred. The Guidance became applicable on 20 November 2025. The CBI has also streamlined the content on the F&P section of its website. CBI updates General Good Requirements for Insurance and Reinsurance Undertakings On 8 May 2025, the CBI updated its General Good Requirements for Insurance and Reinsurance Under- takings (Requirements). This version of the Require- ments supersedes the previous version that applied from 2 September 2019 to 7 May 2025. The following is a summary of the changes. • There is a new section entitled “Central Bank of Ireland Codes”, and under this section, the require- ments in relation to the following are set out: (a) the Consumer Protection Code; and (b) the Minimum Competency Code 2017. • There is an entirely new section entitled “Report- ing Requirements”, and under this section, the reporting requirements applicable to insurance and reinsurance undertakings are set out. Require- ments relating to the non-life premium levy and
the funding levy have been grouped under a new heading entitled “Applicable Levies”. The content is unchanged; and • Requirements regarding motor insurance and health insurance have been grouped under a new heading entitled “Other Requirements”, and, other than the postal address for the Health Insurance Authority having changed, the content remains the same. CBI takes enforcement action under Administrative Sanctions Procedure (ASP) On 2 July 2025, the CBI issued a statement setting out the details of the third enforcement action taken by the CBI under the new ASP following the changes introduced by the IAF. The entity subject to this third enforcement action admitted to the prescribed contra- ventions set out in the Settlement Notice, specifically, failure to conduct customer due diligence/failure to carry out transaction monitoring/failure to carry out additional monitoring/failure to conduct a business risk assessment/failure to conduct a customer or transaction risk assessment/failure to adopt policies and procedures/failure to manage the identified risks with the cash lodgements service. The entity accepted the CBI’s sanction of a reprimand and monetary pen- alty of EUR51,819, reduced to EUR36,273 after appli- cation of a 30% settlement scheme discount. The fourth enforcement action was published on 6 November 2025, in which the CBI issued a settle- ment notice in respect of a company’s breaches of anti-money laundering and counter terrorist financ- ing between 2021 and 2025 under the Criminal Jus- tice (Money Laundering and Terrorist Financing) Act 2010 (“CJA 2010”). The entity accepted the CBI’s sanction of a reprimand and a monetary penalty of EUR30,663,906, reduced to EUR21,464,734 after application of a 30% settlement scheme discount. Both enforcement actions are subject to confirmation by the High Court and will only take effect once con- firmed. CBI publishes thematic review for (re)insurance undertakings on climate change risk and a flood protection gap report In March 2023, the CBI published its final Guidance for (Re)Insurance Undertakings on Climate Change Risk.
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