As Global Gaming Insider reported yesterday, Ireland is set to tighten gambling and crypto rules. The Government has officially published a new National Financial Crime Risk Assessment to strengthen anti-money laundering (AML) measures across both sectors.
The assessment, unveiled by Tánaiste and Minister for Finance Simon Harris and Minister for Justice, Home Affairs and Migration Jim O'Callaghan, includes a new 30-point action plan to strengthen Ireland’s response to financial crime risks.
Key measures include stronger intelligence sharing between agencies, tougher anti-money-laundering measures in the gambling sector, increased transparency on company ownership and safeguards around crypto-assets and digital finance. The proposal also includes improved coordination between financial crime, tax and customs investigations.
The regulator GRAI will be granted extended powers, including enhanced due diligence inspections, crypto compliance procedures and strengthened payment monitoring. The regulator will set guidelines on how operators use cryptocurrency as betting funds. Gambling operators will also be required to introduce a 'closed-loop' system, meaning winnings must be returned to the same account from which deposits were made.
This new framework revises earlier risk assessments and classifies remote betting companies as high-risk for money laundering. This classification is based on the high volume of transactions these operators regularly handle, including deposits, withdrawals, transfers, bonuses and more.
For operators, the new classification brings enhanced compliance requirements, including implementing more sophisticated monitoring systems, tighter customer due diligence measures and expanded employee training programmes.
Additionally, private members' clubs are the only other category of gambling operators categorised as high-risk due to weak controls. These clubs will have to obtain a specific license and be regulated more tightly, similar to other gambling establishments. Previously, a number of gambling clubs have operated outside the definition of a gaming establishment under the Gaming and Lotteries Act 1956.
Furthermore, monitoring of casinos offering gambling machines will be strengthened, although the action plan does not provide extensive details on this issue. Closer cooperation between Government departments, financial institutions and other bodies is planned, as tackling AML risks is a complex issue.
This latest development coincides with a significant turning point for the gambling industry in Ireland. Following the passage of the Gambling Regulation Act 2024, a new, modern framework is being implemented across the sector.
Minister O'Callaghan said the Government will continue to monitor emerging risks and adapt its response where necessary
