- As part of its compliance with money laundering rules, Ireland is strengthening its supervision of crypto exchange operators.
Ireland’s most read news website has announced that there will be increased oversight of crypto transactions under the expanded anti-money laundering regime
The official warning comes from the central bank itself, which has warned all crypto service providers in Ireland that they must now thoroughly verify each customer to prevent any anonymous transactions.
This regulation comes as part of an anti-money laundering strategy, but at the same time removes the layer of anonymity from crypto transactions that could previously have been done without standard checks and balances of normal financial services.
These changes are coming into force next month, and all virtual asset service providers (VASPs) who wants to continue their activities will have to register with the Central Bank for anti-money laundering (AML) and countering the financing of terrorism (CFT) purposes after the latest European Union AML Directive is transposed into Irish law.