General statement on Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF)
Allied Irish Banks, p.l.c. and its branches and subsidiaries (collectively referred to hereinafter as "AIB") are firmly committed to participating in international efforts to combat money laundering and the funding of terrorist and criminal activities.
AIB has its headquarters in Dublin, Ireland and is regulated by the Central Bank of Ireland. Ireland is a member country of the Financial Action Task Force (FATF) and the European Union (EU) and has enacted laws and guidelines to implement the anti-money laundering and counter terrorist financing policies of both FATF & the EU.
AIB implements an AML program that includes the following AML/CTF principles in all the jurisdictions in which AIB operates:
- written policies and procedures
- the appointment of a designated Money Laundering Reporting Officer
- establishing the identification of all relevant clients and beneficial owners
- applying enhanced due diligence measures in relation to customers presenting a higher risk, including Politically Exposed Persons (PEPs)
- reporting to the relevant authority where there are reasonable grounds to suspect that a money laundering or terrorist financing offence has been, or is being, committed and co-operate with the authority
- retention of relevant records
- regular staff training
- conducting business with 'shell' banks precluded (as defined within the FATF 40 recommendations)
- independent compliance/audit departments to review AML programmes as well as external reviews by the regulators/external auditors.