AML Update: Central Bank publishes details on how database of accounts will operate
The Central Bank has launched a webpage with more details on how the central database of bank accounts, payment accounts and safe-deposit boxes will operate. Among the documents added to that webpage are Guidelines on Scope and Reporting, FAQs, and technical guidance documents.
The database will be known as ISBAR (the Ireland Safe Deposit Box, Bank and Payment Accounts Register) and credit institutions will be onboarded on a phased basis – the Central Bank will be in touch with credit institutions with a specific onboarding timeline in Q1 2023, and onboarding may begin shortly after that date.
Based on the information published so far by the Central Bank, credit institutions will need to upload initial datasets via the Central Bank’s online reporting system (ONR) (one return for bank and payment accounts, and a different return for safe-deposit boxes). These will be used as baseline datasets, with weekly returns to be made thereafter in respect of any changes to the data that took place over the previous week.
- for bank and payment accounts open on 3 February 2022 or opened after that date: the name and address (and, in the case of individuals, date of birth) of the customer-account holder and of its beneficial owners, together with the IBAN, account name, account-opening date and (if applicable) account-closing date; and
- for safe-deposit boxes: the name and address (and, in the case of an individual, date of birth) of the lessee.
For the time being, only Ireland’s Financial Intelligence Unit will be able to access this information. Further regulations are expected to expand access rights to, among others, the Revenue Commissioners and the Criminal Assets Bureau.