Ireland Introduces Enhanced Checks on Private Crypto Wallets
Ireland published its first national anti-money laundering strategy, targeting private crypto wallets held outside regulated firms. The strategy implements remaining elements of the EU Transfer of Funds Regulation, imposing new obligations on crypto-asset service providers for enhanced checks on transfers involving private wallets and stricter due diligence with overseas firms. This includes the FATF travel rule, which mandates that transaction information on the originator and beneficiary accompany transfers. Ireland's approach offers less adjustment time for crypto firms, with a 12-month grandfathering window compared to the 18 months allowed by regulation. The new obligations will affect firms with full authorization, as MiCA regulations came into force on July 1. The strategy aims to combat the exploitation of crypto-assets by criminal organizations, with a vision extending to 2030. It builds on a 30-point action plan addressing financial crime threats related to crypto-assets. The EU's Anti-Money Laundering Regulation prohibits anonymous crypto-asset accounts, effective from July 2027, while the UK is revising its own regulations. The FATF has emphasized that DeFi platforms with identifiable controllers must be supervised like other financial firms.
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