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LATEST: Central Bank of Ireland reveals it has identified a ‘lack of understanding and compliance with key AML/CFT obligations’ in VASP applicants

By Elizabeth Hearst for AMLi

The Central Bank of Ireland has revealed there is a “lack of understanding and compliance with key AML/CFT obligations” in the vast majority of applications submitted by Virtual Asset Service Providers (VASPs) to the regulator. 

The body has also identified “significant control weaknesses” in several VASPs, while the “lack of compliance, coupled with control weaknesses, resulted in a significant number of the applicant firms not being able to demonstrate to the Central Bank that they could meet their AML/CFT obligations.”

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