Ireland to Tighten Anti-Money Laundering Rules for Digital Assets

Ireland plans to tighten anti-money laundering rules for transactions involving digital-asset wallets.

Decrypt reported on August 14 that the Irish government has unveiled its first national anti-money laundering strategy, including regulations for digital assets. Ireland’s Department of Finance formally released the strategy on August 13, and it will remain in effect through 2030.

Under the plan, digital-asset service providers in Ireland will be subject to enhanced verification procedures when transferring assets to or from self-hosted wallets not controlled by exchanges or other service providers. Stricter customer due diligence will also apply to transactions with overseas digital-asset firms.

The measure is aimed at implementing the European Union’s Transfer of Funds Regulation, or TFR. Ireland also plans to increase transparency in digital-asset transfers through the Financial Action Task Force’s Travel Rule, which requires verification of sender and recipient information.

Finance Minister Simon Harris said criminal groups are abusing new technology, digital assets and complex international financial networks to hide illicit proceeds. The move is meant to send a clear message that Ireland will not become a safe haven for laundering criminal profits.