Designated Property Services Providers – Compliance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as Amended

In 2016 The Minister for Justice and Equality prescribed the Property Services Regulatory Authority (PSRA) as the State Competent Authority for property services providers for the purposes of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

As competent authority, the PSRA is tasked with monitoring property services providers who are described as “designated persons” and taking measures that are reasonably necessary for the purpose of securing compliance by property service providers with the requirements of Part 4 of the 2010 Act. 

It is the responsibility of property services providers to interpret and to act in accordance with all relevant anti-money laundering legislation that applies to them. 

The Authority in 2018 devised a cash origin form for the benefit of the licensee in respect of large cash payments. The aim of the form is to reduce the risk of anti-money laundering activity in the sector and to place the onus on the customer to declare the origin of the funds.

 

Further Information on Anti-Money Laundering

Anti-Money Laundering Policy and Procedures for Property Services Providers

Anti-Money Laundering Requirements for Different Client Types

Cash Origin Form

Suspicious Transaction Reporting Flyer

Anti-Money Laundering Act

Overview of Compliance with the Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 as amended for Property Service Providers

National Risk Assessment on Money Laundering