Central Bank of Ireland Expands Anti-Money Laundering Regime
The new requirements take effect in April.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.