Overview of our Business Processes 

There are a number of key business processes that apply to most financial service providers.  These business processes are: 

Anti-Money Laundering

Financial institutions currently designated under the Criminal Justice (Money Laundering and Terrorist Financing Act, 2010 (the Act) are obliged to take the necessary measures to effectively counteract money laundering in accordance with the provisions of the Act.  For more information visit our Anti-Money Laundering Section.

Authorisation Process

For a general overview of the authorisation regime applied by the Central Bank of Ireland when authorising financial service providers, visit our Authorisation Section.

Credit Resolutions Resolution Levy

The Resolution Levy has been designed to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution.

Consumer Protection 

The Consumer Protection Code, which came fully into effect on 1 July 2007, is the foundation of the Central Bank of Ireland's work in protecting consumers of the financial services providers we regulate.  For more information visit our Consumer Protection Section.

Enforcement

The Central Bank of Ireland has power to impose sanctions for prescribed contraventions of legislation or regulatory rules by financial service providers.  For more information visit our Enforcement Section. 

Establishing in Ireland

The Central Bank of Ireland is responsible for the regulation of most financial service firms in Ireland.  The first step for a firm or individual proposing to provide a financial service in Ireland is to ascertain whether they need an authorisation/licence/approval from the Central Bank.  For more information visit our Establishing in Ireland Section.

Fitness and Probity

A new fitness and probity regime was introduced on 1 December 2011. Financial Service Providers must obtain the prior approval of the Central Bank before appointing a person to perform  a Pre-Approval Controlled Function (e.g. Chief Executive, Director or Head of Compliance, Risk or Internal Audit). For more information visit our Fitness and Probity Section.

Industry Funding Levy

Any financial service provider who is authorised and regulated by the Central Bank of Ireland on 31 December of a given year is liable to pay the levy for the following year.  For more information visit our Industry Funding Levy Section.

International Financial Sanctions

The Central Bank of Ireland is one of the Competent Authorities in Ireland for EU Regulations concerning restrictive measures against sanctioned individuals and entities prescribed by the EU and has responsibility  for the administration and enforcement of financial sanctions that are primarily concerned with curtailing the movement of payments and capital of these individuals.  For more information visit our International Financial Sanctions Section.

Minimum Competency

The Minimum Competency Requirements introduce a competency framework that is designed to establish minimum standards for regulated entities. For more information visit our Minimum Competency Section.

Online Reporting

The Online Reporting System is the means by which regulated entities authorised by the Central Bank submit their returns.  Further information on this system can be found in the Online Reporting Process section.

PRISM

The Probability Risk and Impact SysteMTM (PRISMTM) is the Central Bank’s risk-based framework for the supervision of regulated firms.  For more information visit our PRISMTM section.

Protected Disclosures including Whistleblowing

The Central Bank (Supervision and Enforcement ) Act, 2013, has introduced new provisions in relation to the making of reports about breaches of financial services law.  For more information visit our Protected Disclosures including Whistleblowing section. 

Regulatory Decisions Unit

For information on the role of the Regulatory Decisions Unit, please visit our Regulatory Decisions Unit section

Supervision Process

For general information on our supervisory process for financial service providers, visit our Supervision Section.