Monitoring Orders & Directives with reference to goAML

12th March 2021

Article 30C of the Prevention of Money Laundering and Funding of Terrorism Act, provides that the FIAU may require subject person(s) to monitor transactions or banking operations. Whereas Article 30D allows the FIAU to issue directives in writing, whereby the Unit requires subject persons to refrain from doing any acts.

As a result of the introduction of GoAML, any correspondence related to the Monitoring Order and/or Directive pertaining to the actual outgoing movement of funds, should be forwarded to the FIAU in the form of a TRN report. Furthermore, when a subject person submits the TRN report in line with the Monitoring Order and/or Directive, the subject person should provide and quote the FIAU reference number highlighted in the initial Monitoring Order and/or Directive communication. In addition, the subject person shall also duly highlight and tick the designated report indicators accordingly, namely:

• The subject person has been directed to monitor transactions or banking operations, 
• The subject person has been directed in writing to refrain from doing any act, within the time and in the manner stipulated.