Crypto company formation experts in Ireland
On-going AML/CFT obligations for VASPs in Ireland
All VASPs established in Ireland are required to register with the Central Bank for AML/CFT purposes. Firms not established in Ireland must register before starting any virtual asset services, while firms already operating as a VASP have three months to apply once the 2021 Act takes effect. It is a criminal offence to carry on the business of a VASP without registration.
Registered VASPs must carry out a money laundering and terrorist financing risk assessment, undertake customer due diligence, carry out ongoing monitoring of customers and transactions, file suspicious transaction reports where needed, maintain and implement AML/CFT policies and controls, retain appropriate records, and provide ongoing staff training.
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