Irish crypto firms will impose Anti Money Laundering ID checks from April
Irish companies operating with crypto, and the firms servicing them, will have to adhere to AML and CFT for the first time starting next month. Irish lawmakers will impose an anti money laundering regime on crypto for the first time in AprilThe Central Bank of Ireland has extended the nation’s anti-money laundering, or AML, and countering the financing of terrorism, or CTF, guidelines to apply to Bitcoin and crypto assets from April.Starting next month, Ireland’s crypto asset service providers must comply with AML rules and other regulations for the first time. The new rules are a result....
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It is now a criminal offense to operate a crypto firm in Ireland without registering with the Central Bank of Ireland. Ireland’s crypto businesses have become subject to regulatory oversight for the first time, with local digital asset firms now observing anti-money laundering guidelines set out by the European Union, or EU. The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish Law on April 23, via the Criminal Justice Money Laundering and Terrorist Financing Amendment Act of 2021.The legislation requires firms that operate with crypto assets and custodial....
Banks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.” New AML Body to Weed Out Suspicious Transactions in the EU, Irish Banks Say Financial institutions in Ireland have expressed their positive attitude towards intentions to reform the anti-money laundering mechanisms of the European Union, the Irish daily Independent....
The UK Treasury has said that it won’t seek to impose anti-money laundering (AML) rules on digital currency wallet providers in a bid to avoid overburdening those services. The remarks were issued last week in a report that detailed the UK government's plans to tackle money laundering and terrorist financing risks more broadly. According to the report, the UK Treasury plans to bring digital currency exchange firms "into anti-money laundering regulation", reinforcing plans first announced last year. However, an outstanding question at the time related to whether these rules would....
The Argentinian anti-money laundering regulator is reportedly working to force cryptocurrency firms to report their movements and take AML measures on Argentinian soil. The regulation for this purpose might be ready for approval this year, according to local media. This could be the consequence of the recent requirement approved in the deal the country made with the International Monetary Fund (IMF).
Argentinian Exchanges Might Have to Report Transactions Later This Year
The Argentinian money laundering watchdog is taking cryptocurrency transactions seriously. The Financial....
The European Union is preparing to set up an anti-money laundering agency to coordinate national supervisory authorities. According to a media report based on EU documents, the bloc also plans to impose new rules to increase transparency for cryptocurrency transfers. Europe Steps Up Anti-Money Laundering Efforts on Union Level In response to calls for enforcement of anti-money laundering (AML) rules throughout Europe, the European Commission is likely to propose the establishment of a new Anti-Money Laundering Authority (AMLA). According to documents seen by Reuters, the agency should....