🍀 Ireland🇮🇪: new anti-money laundering rules, with crypto at the center of attention

🍀 Ireland🇮🇪: new anti-money laundering rules, with crypto at the center of attention

In brief: gambling operators will be legally required to conduct more thorough transaction checks, while licensing requirements will become stricter. The goal of the new government initiative is to close regulatory gaps that allow illicit funds to move through the financial system.

➡️ First, the Irish Department of Finance intends to require the disclosure of information on all ultimate beneficial owners of limited liability companies, as well as create a mechanism for conducting parallel investigations into money laundering and tax evasion. The authorities' activities intensified following an international investigation into the Kinahan cartel, based in Dubai. The National Risk Assessment rated the threat of money laundering in the country as moderate and indicated that illicit actors actively use cryptocurrencies and money mules.

➡️ This suggests that crypto regulation will be a key element of the new rules.

🔺 The government intends to establish a regulatory standard requiring operators to check cryptocurrency transactions, including the possibility of verifying the source of funds.

🔺 The Central Bank will be required to develop a framework for the prevention of financial crime using artificial intelligence (AI), as well as assess potential vulnerabilities arising from the use of these models.

🔺 The government also plans to expand interagency financial information sharing.

➡️ Context: in July, a new online betting licensing system came into force, replacing the laws governing betting and totalisators from 1929 and 1931, respectively. All sports betting operators must now obtain a B2C Betting Licence and comply with a number of restrictions. Licensing for other categories will be introduced gradually in 2027—2028.

#news #Europe #gambling #betting #crypto #AI

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