The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    216.73.216.162

    Anti-Money Laundering Initiative in Ireland Extended to Bitcoin

    aml-bitcoin

    Cryptocurrency buyers and sellers in Ireland, under the new anti-money laundering regime, will not be able to trade their virtual assets by hiding their identity.

    The Central Bank of Ireland has warned the financial service companies and crypto exchange companies to perform due diligence on all their clients. They are also mandated to monitor the source of their customer’s assets and where they are transferring them to while keeping in mind the anti-money laundering regulations that other financial service businesses comply with.

    This change, effective from April, will remove the anonymity factor from the crypto business and impose new costs on VASPs (Virtual Assets Service Providers). The anonymity factor before did not allow standard checks and balances like normal financial businesses.

    Starting from 1st April, VAPs will now have to register for AML (Anti-money Laundering) and CFT (Counter Financing terrorism) with the Central Bank of Ireland ever since the recent AML Directive by European Union has finally landed into Irish law.

    The crypto industry is now required to satisfy the regulators by having a proper system to implement AML and CFT policies and by meeting the regulatory standards in the financial industry. This change will allow the regulators to block senior appointments and take necessary measures against those firms that fail to live up to the regulator’s standards of AML and CFT regulations. 

    The industry has previously been popular for being misused and exploited by criminals to fund terrorism activities for some quite some time now. This initiative to transform the crypto industry into the legislative framework is viewed by the legal and compliance bodies as a significant and much-needed step in the establishment of a legal and crime-free cryptocurrency infrastructure for wide acceptance and further use. 

    Ireland is known to be slow in the adoption of the new anti-money laundering regulations by the European Union. The governments are quickly moving forward with the implementation of the law. Just last year, the European Court of Justice penalized Ireland with a fine of €2m for failing to comply with the previous AML/CFT. 

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started