Ireland Cracks Down on Crypto Abuse in New Financial Crime Plan

Ireland's government has launched a new National Risk Assessment and 30-point action plan to combat financial crime, including the misuse of crypto-assets. The assessment identifies emerging threats such as sophisticated fraud, new technologies, and vulnerabilities in global financial networks.

The plan includes enhanced safeguards around crypto-assets and digital finance, with a new industry standard requiring due diligence to verify that crypto used as a source of funds is legitimate. This measure aims to ensure that funds entering regulated businesses come from legitimate sources.

The Central Bank will build a systematic understanding of how emerging technologies, including AI, create both fresh vulnerabilities and new tools for anti-money laundering work.