It is my duty as regulator to remind you of the importance of stepping up your compliance functions to protect your institutions from being used as conduit for illicit activities. It is a matter of focusing on the “Know Your Customer” principles and applying them to your internal customers as well. It should not be just a ‘tick-box’ approach but rather a ‘judgmentbased’ approach.
Evidence from the International Transmission of US Financial Shocks to Downside Risks to Growth”, mimeo, available at SSRN. 15. Financial Stability Review 2020:1, Central Bank of Ireland. 16. Ibid. 17. Donnery, Sharon (2019) “Small Open Economies – Vulnerabilities in a Changing World”, speech delivered to the Dublin Economics Workshop, 13th September 2019. 18. Ibid. 19.