Ireland unveils AML plan with tougher crypto, travel rule measures

Homepage > News > Business > 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...