STATUTORY INSTRUMENTS. 
                           
                           
                           
                           
                      S.I. No. 377 of 2020 
                           
                           
                           
                           
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          SOLICITORS (MONEY LAUNDERING AND TERRORIST FINANCING) 
                     REGULATIONS 2020 
                           
                       
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                                                           S.I. No. 377 of 2020 
                          
                          SOLICITORS (MONEY LAUNDERING AND TERRORIST FINANCING) 
                                                          REGULATIONS 2020 
                          
                                                 ARRANGEMENT OF REGULATIONS 
                                                                   PART 1 
                                                                Preliminary 
                            1.   Citation and commencement 
                            2.   Definitions 
                            3.   Scope 
                                  
                                                                   PART 2 
                                                  Investigation of Solicitors' Practices 
                            4.   Investigation 
                          
                                                                   PART 3 
                                                   Policies, Controls and Procedures 
                            5.   Risk assessment policies, controls and procedures   
                            6.   Business risk assessment  
                            7.   Client risk assessment  
                            8.   Records  
                          
                                                                   PART 4 
                                                           Client Due Diligence 
                            9.   Meaning of beneficial owner  
                            10.  Standard client due diligence 
                            11.  Special measures applying to business relationship 
                            12.  Simplified Due Diligence  
                            13.  Enhanced client due diligence  
                            14.  Complex or unusual transactions  
                            15.  Politically exposed persons  
                            16.  High-risk third countries  
                            17.  Reliance on relevant third parties  
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                         PART 5 
                   Reporting of Suspicious Transactions 
           18.  Interpretation of this Part  
           19.  Requirement to report suspicious transactions  
           20.  Disclosure not required in certain circumstances   
           
                         PART 6 
                      Convicted Persons 
           21.  Convicted persons 
           
                         PART 7 
                        Revocation 
           22.  Revocation 
           
                       SCHEDULE 1 
             Non-exhaustive list of factors suggesting potentially lower risk 
                           
                       SCHEDULE 2 
             Non-exhaustive list of factors suggesting potentially higher risk 
                       
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                                                             S.I. No. 377 of 2020 
                          
                           SOLICITORS (MONEY LAUNDERING AND TERRORIST FINANCING) 
                                                           REGULATIONS 2020 
                          
                         THE LAW SOCIETY OF IRELAND, in exercise of the powers conferred on it 
                         by sections 5, 66 (as amended by section 182 of the Legal Services Regulation 
                         Act 2015 (No. 65 of 2015)) and 71 (as amended by section 4 of the Solicitors 
                         (Amendment) Act 2002 (No. 19 of 2002)) of the Solicitors Act 1954, with the 
                         concurrence  of  the  Legal  Services  Regulatory  Authority,  hereby  makes  the 
                         following regulations:-  
                          
                                                                     PART 1 
                                                                  Preliminary 
                         Citation and commencement 
                             1.  (1)  These Regulations may be cited as the Solicitors (Money Laundering 
                         and Terrorist Financing Regulations) 2020. 
                             (2)  These Regulations come into operation on 1 November 2020. 
                          
                         Definitions 
                             2.   In these Regulations— 
                         “Accounts Regulations” means—  
                                    (a)    the Solicitors Accounts Regulations 2001 to 2013, 
                                    (b)    the Solicitors Accounts Regulations 2014 (S.I. No. 516 of 2014), 
                                           and 
                                    (c)    any other regulations made by the Society under section 66 of the 
                                           Act or under section 73 of the Act of 1994. 
                          
                         “Act” means the Solicitors Act 1954 (No. 36 of 1954); 
                          
                         “Act of 1960” means the Solicitors (Amendment) Act 1960 (No. 37 of 1960);  
                          
                         “Act of 1994” means the Solicitors (Amendment) Act 1994 (No. 27 of 1994); 
                          
                         “Act of 2010” means the Criminal Justice (Money Laundering and Terrorist 
                         Financing) Act 2010 (No. 6 of 2010); 
                          
                         “Act of 2012” means the Personal Insolvency Act 2012 (No. 44 of 2012); 
                          
                                   Notice of the making of this Statutory Instrument was published in 
                                                    “Iris Oifigiúil” of 2nd October, 2020.