What is "Designated Business"?

A designated business is any person who undertakes the business as defined in Schedule 1 of the Act which can be found here.

  • Lawyers where the business includes
    • managing any assets belonging to a client;
    • the provision of legal services which involves participation in a financial or real property transaction (whether by assisting in the planning or execution of any such transaction or otherwise) by acting for, or on behalf of, a client in respect of —
      • (A) the sale or purchase of land;
      • (B) managing bank, savings or security accounts;
      • (C) organising contributions for the promotion, formation, operation or management of bodies corporate;
      • (D) the sale or purchase of a business; or
      • (E) the creation, operation or management of a legal person or legal arrangement;
  • the business of audit services in respect of a body corporate;
  • the business of an external accountant as defined by Schedule (1)(1)(f) of the Proceeds of Crime Act 2008;
  • the business of lending including, but not limited to, consumer credit, mortgage credit factoring and the finance of commercial transactions;
  • the business of financial leasing arrangements in respect of products other than consumer products;
  • the business of providing financial guarantees and commitments;
  • the business of an estate agent within the meaning of the Estate Agents Act 1975;
  • the business of dealing in goods or services of any description (including dealing as an auctioneer) whenever a transaction or series of linked transactions involves accepting a total cash payment (in any currency) that is equivalent to at least €15,000.
  • the business of a tax adviser as defined in the Income Tax Act 1970;
  • the business of a payroll agent as defined by Schedule  4 (1)(6) of the Proceeds of Crime Act 2008;
  • the provision of safe custody facilities for cash or liquid securities, deposit boxes or other secure storage facilities;
  • the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity; and
  • the activity of a specified non-profit organisation as defined by Schedule 4 (1)(6) of the Proceeds of Crime Act 2008;