Ireland Unveils First Anti-Money Laundering Strategy, Will Tighten Scrutiny on Private Crypto Wallet Transfers

Comparatively, the Irish government released its first national anti-money laundering (AML) strategy, which plans to strengthen scrutiny of digital asset transfers involving private crypto wallets (self-hosted wallets) and increase due diligence requirements when crypto companies cooperate with overseas institutions.

According to an announcement from the Irish Ministry of Finance, the strategy implements the remaining requirements of the European Union's Transfer of Funds Regulation (Transfer of Funds Regulation) and will require crypto asset service providers (CASP) to carry out “enhanced checks” on transfers involving private wallets, while implementing stricter customer due diligence when doing business with overseas crypto companies.

The relevant measures are based on the Financial Action Task Force (FATF) “Travel Rules” (Travel Rules), which require sender and receiver information to be attached to digital asset transactions to improve transparency in the flow of funds.

Ireland said the new regulations are progressing simultaneously with the European Union's Crypto Asset Market Regulation Act (MiCA). MiCA has established a unified regulatory framework for crypto asset service providers, while Ireland previously granted a transition period of 12 months, which is less than the maximum allowed by the European Union of 18 months. Currently, the transition period ended at the end of December 2025, so the new requirements will directly apply to officially authorized companies. (Decrypt)

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