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Ireland releases its first anti-money laundering strategy, which will strengthen the review of transfers to private crypto wallets

According to Decrypt, the Irish government has released its first national anti-money laundering (AML) strategy, which plans to strengthen the review of digital asset transfers involving self-hosted wallets and increase due diligence requirements for crypto companies when cooperating with overseas institutions.According to the announcement from the Irish Department of Finance, this strategy implements the remaining requirements of the EU's Transfer of Funds Regulation, which will require crypto asset service providers (CASP) to perform "enhanced checks" on transfers involving private wallets, while implementing stricter customer due diligence when conducting business with overseas crypto companies.The related measures are based on the Financial Action Task Force (FATF) Travel Rule, which requires the inclusion of sender and receiver information in digital asset transactions to enhance the transparency of fund flows. Ireland stated that the new regulations will be advanced in parallel with the EU's Markets in Crypto-Assets Regulation (MiCA).MiCA establishes a unified regulatory framework for crypto asset service providers, while Ireland previously granted a 12-month transition period for its domestic crypto companies, which is shorter than the maximum 18 months allowed by the EU. The transition period is set to end at the end of December 2025, so the new requirements will directly apply to companies that have obtained formal authorization.
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