Ireland Tightens Anti-Money Laundering Rules for Gambling and Crypto
Ireland has launched its first national anti-money laundering strategy, targeting the country's gambling industry and cryptocurrency platforms. Tánaiste and Minister for Finance Simon Harris said the plan marks 'the most significant strengthening of Ireland's anti-money laundering framework in years.'
The new rules aim to close off common money-laundering techniques, such as moving funds between accounts to obscure their origin. Gambling companies operating in Ireland will be required to adopt a 'closed loop' payment system, where payouts to customers must be made using the same account originally used for deposits.
Casino clubs offering machine-based gambling will also come under stricter regulatory oversight, with officials promising enhanced enforcement of licence conditions. The government plans to task the Gambling Regulatory Authority of Ireland with establishing a new industry standard for accepting cryptocurrency-related deposits as legitimate sources of funds.