Ireland’s New AML Strategy Imposes Enhanced Checks on Private Crypto Wallets

TL;DR:

• Ireland published its first National AML Strategy, which includes enhanced controls on transfers involving private cryptocurrency wallets.
• The EU Funds Transfer Regulation requires greater due diligence from crypto firms operating with unregulated foreign companies.
• The strategy, in effect until 2030, builds on a 30-point plan published in June that identified the misuse of crypto assets as a financial threat.

Ireland published its first National Anti-Money Laundering Strategy, a document that incorporates specific measures for the crypto sector and will remain in effect until 2030.

Ireland’s Department of Finance noted that the pending elements of the European Union Funds Transfer Regulation introduce new obligations for crypto asset service providers, including “enhanced controls” on transfers involving private wallets and greater due diligence when operating with crypto firms based outside the bloc.

The central mechanism is the FATF travel rule, which requires each transaction to be accompanied by information on its origin and the beneficiary. This rule was formulated in parallel with MiCA, which established crypto asset service providers as a regulated category across the European Union. MiCA entered fully into force on July 1, and Brussels is preparing a review of the regulatory framework for 2027 that seeks to incorporate non-European stablecoin issuers.

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