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ARTICLE · 21 JULY 2022

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First VASP Registration As CBI Highlights Weaknesses In Applications

Dillon Eustace
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On 19 July, the Central Bank of Ireland (CBI) registered Gemini Digital Asset Limited as a Virtual Asset Service Provider (VASP) for anti-money laundering and countering the financing...

IrelandGovernment, Public Sector
Keith Waine
Keith Waine
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On 19 July, the Central Bank of Ireland (CBI) registered Gemini Digital Asset Limited as a Virtual Asset Service Provider (VASP) for anti-money laundering and countering the financing of terrorism (AML) purposes, the first such registration since VASPs were brought within the scope of Irish AML legislation in April 2021.

This milestone for the industry in Ireland follows the publication by the CBI on 11 July of an  AML bulletin aimed at assisting firms applying for registration and identifying common weaknesses in applications submitted to date (the Bulletin).

VASP Registration

Since 23 April 2021, VASPs have been required to comply with a range of obligations under Irish AML legislation, including the requirement to register with the CBI for AML purposes.

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