IR - Central Bank highlights weaknesses in Virtual Asset Service Providers’ AML/CFT Framework
The Central Bank of Ireland has the 11 July 2022 published a bulletin in relation to Virtual Asset Service Providers (VASPs), seeking to assist applicant firms to strengthen both their applications for registration and their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Frameworks.
Since 23 April 2021, VASPs are required to comply with the relevant AML/CFT obligations under the Criminal Justice Act 2010 to 2021. Firms that wish to conduct business as a VASP must apply to the Central Bank for registration. The Central Bank is currently progressing the assessment of registration applications and has provided feedback to 90% of applicants on their proposed AML/CFT frameworks.
This bulletin outlines key issues identified through the assessment process, sets out the Central Bank’s expectations in relation to key AML/CFT requirements, and advises firms that registered VASPs, as with all supervised entities, will be subject to a supervisory levy.