Irish Gangs Rent Vaults to Hide Crypto Keys Amid New Anti-Money Laundering Rules
Irish organized crime gangs are renting private vaults to store their cryptocurrency keys and seed phrases, alongside cash, luxury items, and passports. According to Detective Chief Superintendent Michael Gubbins of the Criminal Assets Bureau (CAB), this practice has been observed through the bureau's investigations.
Gubbins stated that the contents of these vaults can include 'cryptocurrency keys or cash or watches or could even be passports.' The CAB has reported this practice to the government's Anti-Money Laundering Steering Committee, which is preparing Ireland for upcoming EU anti-money laundering rules.
The new regulations will ban cash transactions above €10,000 and require businesses to identify anyone spending €3,000 or more in cash. Crypto-asset service providers, luxury goods retailers, and crowdfunding platforms will face tighter supervision.