Anti-Money Laundering (AML)


The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 and 2013 require Financial Service providers to implement and operate measures to prevent money laundering. We are aware that some of these requests may be inconvenient for you, but we hope you will understand that we have a duty to comply with the Act.

What will this mean for you?

An important part of the fight against Money Laundering is for us to hold up to date information on all our customers. From time to time staff in your local permanent tsb branch or from Open24 will ask you for the following:

Identity

We will look for proof of your identity (e.g., Passport or driving licence) and proof of your address (e.g., a utility bill). We will only ask for these when necessary under legislation.

Identity of Beneficial Owner

If you are a personal customer, it is most likely that you will be the ‘beneficial owner’ of your account, i.e, the individual who owns and controls the account.

For non-personal customers, we will require more details to determine the ultimate beneficial owner or owners.

Source of funds

We will ask you for details on where money has come from. For example, salary credits; social welfare etc.

Reason for opening new accounts

While it may be obvious in a lot of cases, under the Act we still need to ask you why you are opening your account.

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