13/05/24

IRELAND: Central Bank of Ireland Expands Anti-Money Laundering Regime

As published on: uk.news.yahoo.com, Monday 13 May, 2024. 

Cryptocurrency companies in the Republic of Ireland will have to comply with anti-money laundering rules, the country’s central bank has warned.

  • Cryptocurrency traders in Ireland will no longer be able to buy and sell anonymously, the Irish Independent reported Tuesday.

  • Companies offering buying and selling services for cryptocurrency will have to complete due diligence on their customers to account for provenance and destination of their funds.

  • This will bring cryptocurrency organizations on the same footing as mainstream financial services providers.

  • The new requirements will take effect in April when the European Union’s 6th Anti-Money Laundering Directive enters into Irish law.

  • Coinbase Custody International calls Ireland home while Facebook’s diem stablecoin project is also likely to have a presence there.

Tags

Ireland AML Central Bank of Ireland Cryptocurrency

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