Ireland Toughens Crypto Rules in National Anti-Money Laundering Strategy

Ireland has unveiled its first national anti-money laundering (AML) strategy, introducing new obligations for digital asset firms and increasing scrutiny on private crypto wallet transfers. The strategy aims to strengthen the government's response to financial crime, with enhanced checks required on transfers involving private wallets.

The AML/CFT/CPF plan sets out a comprehensive framework for tackling money laundering and terrorist financing, reflecting the introduction of the Markets in Crypto-Assets (MiCA) regulation. Under MiCA, digital asset firms are now subject to EU and national AML/CFT requirements, with stricter due diligence when dealing with overseas crypto-asset firms.

For CASPs operating in the EU, the strategy entails more explicit regulatory obligations regarding customer due diligence, transaction monitoring, and information collection and transmission in transfers. Firms will need systems capable of capturing and sharing required transaction data and demonstrating compliance to regulators.