Irish Digital Firms Come Under AML Rules For First Time

Law360, London (April 26, 2021, 2:42 PM BST) -- Businesses in Ireland that provide financial services for virtual currencies will now have to follow anti-money laundering rules for the first time after the European Union's financial crime regulations were incorporated into Irish law.

So-called virtual asset service providers, which are companies that deal in cryptoassets such as bitcoin, will need to register with the Central Bank of Ireland for anti-money laundering and counterterrorist financing purposes, the central bank said on Friday.

The measures to combat the flow of dirty money fall under the EU's Fifth Anti-Money Laundering Directive, which requires virtual asset companies to identify their customers.

The directive also...

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