Central Bank of Ireland publishes Notice of Intention on Amendments to the list of Pre-Approval Controlled Functions (PCFs)

Central Bank Consultation Papers of Interest
All Articles in this Issue
Date: 01 October 2021

On 22 September, the Central Bank of Ireland published a Notice of Intention, proposing to amend the Pre-Approval Controlled Functions (PCF) list as follows:

  • To expand PCF-16 to include branch managers in non-EEA countries;
  • Introduce stand-alone PCFs in respect of:
    • Independent Non-Executive Directors;
    • The Head of Anti-Money Laundering and Counter-Terrorist Financing; an
  • To remove PCF-31 Head of Investment.

The Central Bank invites comments from stakeholders on this proposal. Comments should be submitted by email to [email protected] no later than 20 October 2021.