Ireland unveils AML plan with tougher crypto, travel rule measures

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7. Ireland unveils AML plan with tougher crypto, travel rule measures

Ireland has launched its first national anti-money laundering (AML) strategy, introducing new obligations for digital asset firms, requiring “enhanced checks” on transfers involving private crypto wallets, and stricter due diligence when dealing with overseas crypto-asset firms.

On August 13, Tánaiste (deputy prime minister, or deputy Taoiseach) and Finance Minister Simon Harris TD published the country’s first national anti-money laundering, countering financing of terrorism, and countering proliferation financing (AML/CFT/CPF) strategy, setting out a comprehensive plan to strengthen the government’s response to financial crime.

For digital asset firms, it provides for the extension of AML/CFT obligations to crypto-asset transfers, requiring information on the originator and beneficiary to accompany transfers, as well as requirements to promote greater transparency and traceability of crypto-asset transfers, enhance checks on transfers involving private crypto wallets, and impose stricter due diligence when dealing with overseas digital asset firms.

Under Ireland’s previous AML/CFT framework, digital asset firms were subject to obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. However, the regulatory framework was largely built around traditional financial institutions and other “designated persons,” with crypto businesses subject to national AML requirements rather than a harmonized and bespoke European Union-wide regime—i.e., the bloc’s Markets in Crypto-Assets (MiCA) regulation.