Anti-Money Laundering (AML)

What is Money Laundering?

Money laundering is the process by which the proceeds of crime are processed ('washed') through the financial system in an effort to disguise their illegal origin.

What is Terrorist Financing?

The offence of terrorist financing involves the provision, collection, or receipt of funds with the intent or knowledge that the funds will be used to carry out an act of terrorism or any act intended to cause death or serious bodily injury.  It also includes collecting or receiving funds for the benefit of a terrorist group.

What will this mean for you?

An important part of the fight against money laundering and terrorist financing is for financial institutions to verify their customers’ identities and to understand the source of their funds.  Staff in your local PTSB branch or from Open24 may ask you for the following information prior to account opening and at an ongoing basis throughout the relationship. 

Proof of identity and proof of address

Under the Act, we will look for proof of your identity (e.g. passport or driving licence), proof of your address (e.g. a utility bill) and where relevant additional supporting information and documentation. 

Source of funds and source of wealth

We are required to understand the source of funds to the account (e.g. salary; social welfare payments etc.) and where relevant the source of wealth (e.g. investments; inheritances). You may also be asked to provide additional details for certain transactions on your account. 

Purpose and intended nature of the business relationship

PTSB needs to understand the purpose and intended nature of the business relationship with a customer, prior to the establishment of the relationship and on an on-going basis.  Depending on the type of relationship, we may ask for the following information:

• The types of transactions that are likely to pass through your account(s).
• The anticipated level and nature of the activity that is to be undertaken, which may include the number, size and frequency of transactions that are likely to pass through the account(s).
• Current or planned business activity.
• The turnover of the business and copies of the most recent financial statements.

Beneficial Ownership Information

A Beneficial Owner is defined as any natural person(s) who ultimately owns or controls a legal entity, either through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in the entity, including through bearer shareholdings, or through control via other means.

Depending on the type of relationship, we may require more details to determine the ultimate beneficial owner(s) and/or controller(s). 

Politically Exposed Persons (PEPs) and Relative or Close Associates (RCAs)

Who is a PEP?

PEPs are people who are or were in a prominent public function.  A PEP can pose a higher risk of money laundering and potential involvement in bribery and corruption by virtue of their position and the influence they may hold.

Who is an RCA?

RCA’s shares a family or friendship connection to a PEP, that connection may be a direct family relation or a connection through marriage or civil partnership.  Alternatively, it may be a social or professional association.

If you are identified as a PEP or an RCA, PTSB is required to request you to provide additional information or documentation.