AML Law in Ireland for Cryptocurrency businesses?​

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CJA 2010 to 2021 governs the law in Ireland on anti-money laundering and the countering of the financing of terrorism (AML/CFT) and for cryptocurrency businesses. The Central Bank is the regulator in Ireland for the monitoring and supervision of VASPs’ compliance with their AML/CFT obligations under Part 4 of the CJA 2010 to 2021. 

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When must you register your cryptocurrency business in Ireland?

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You will be required to register with the Central Bank of Ireland for your cryptocurrency business if you are providing any of the following services:

 

i. Exchange between virtual assets and fiat currencies;

ii. Exchange between one or more forms of virtual assets;

iii. Transfer of virtual assets, that is to say, conduct a transaction on behalf of another person that moves a virtual asset from one virtual asset address or account to another;

iv. Custodian wallet provider;

v. Participation in, and provision of, financial services related to an issuer’s offer or sale of a virtual asset or both.

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Areas of assessment for the cryptocurrency application in Ireland

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 The following areas will be assessed by the Central Bank  during the assessment of your registration application

 

• your firm’s details, including the firms, proposed VASP activities, business model, structure and regulatory history. 

• your firm’s shareholdings and senior management, including direct and indirect shareholders, partnerships, and management. 

• the Fitness and Probity of the beneficial owners/controllers of the firm, the firm’s principal officers, and the persons holding certain other management functions of the firm. 

• your firm's AML/CFT governance, including the firm’s risk assessment, policies and procedures, AML/CFT manual, AML/CFT training and report management information. 

• your firm's ML/TF risk profile, including the firm’s customer exposure, financial sanctions and PEPs screening, geography/country, distribution channels, and agents and branches. 

• your firm's risk-based approach, including the firm’s assurance testing, third-party reliance, and outsourcing activities.
  
  
   

Key stages of the AML registration process
 

1. Submission of the Application Form to the Central Bank of Ireland. 

2. The Central Bank will issue you an email containing application information

3. Submission of all supporting documentation through the ONR system.

4. The Central Bank will acknowledge receipt of your application.

5. The Central Bank will assess whether your application contains all the required information and documentation to progress to the assessment phase. They will notify you by email.

6. Where all the required information and documentation have been provided, the Central Bank will conduct an assessment of the registration application. Where necessary, the Central Bank will request further information and/or clarification from you.

7. You will be provided with the opportunity to respond to the Central Bank’s request for further information and/or clarification.

8. The Central Bank will assess the additional information provided by you and notify you of its assessment and next steps.

9. The Central Bank will notify you of its decision to either grant or refuse the registration. 

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How we can help

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Buckingham Capital Consulting can advise you on the most appropriate and suitable licence, based on your business model and plans. We can prepare, manage and obtain your licence in the country of your choice and help you understand your regulatory and legal obligations. 

 
Our service involves the following:

- Guiding you through the application preparation stage
- Managing the entire application from planning to obtaining the licence
- Preparing, completing and submitting the application form
- Submitting the individual directorship forms
- Submitting your application to the financial regulator
- Assisting you with any correspondence/further questions from the financial regulator after submitting your application until your licence has been granted.  

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