A number of Irish crypto exchanges, the firms who may be servicing them, alongside companies who may have ties with them as well, maybe subject to ID checks starting from next month. This is all in accordance with the new anti-money laundering (AML) efforts that have been ongoing, and it looks like nothing is being left to chance.
The companies will be expected to adhere to CFT as well as AML policies as soon as April starts as Irish lawmakers look to implement anti-money laundering laws governing cryptocurrency within their nation for the first time.
Central Bank of Ireland extends anti-money laundering scheme
Just earlier today, it was revealed all anti-money laundering schemes within Ireland would be extended to include cryptocurrencies such as Bitcoin, among other crypto assets. This decision was made and finalized by the Central Bank of Ireland and will include both AML as well as counter-finance terrorism (CFT) policies and regulations set to be administered next month. The new rules would seem to also be in accordance with the AML Directive put forth by the European Union, which themselves have wanted to impose stricter policies regarding cryptocurrency in Ireland for a while now.
Companies to go through checks and accountability from now on
As per the new guidelines, any and all companies working alongside or in any way associated with crypto exchanges in Ireland will soon be required to go through due diligence checks not just on their companies but also on their crypto clients. They are to ascertain both the origin as well as the destination of the latter’s funds in an effort to prevent fraudulent activities from taking place in the future.
Furthermore, all of the firms and companies based in Ireland will now be required under the law to comply with these new guidelines, in addition to having to prove to the central bank that they are, in fact, continuously adhering to both CFT and AML policies. They will be expected to commit to the same level of compliance as mainstream financial and business service providers from here on out.