Insights

The Central Bank of Ireland (‘CBI’) has recently issued its latest Anti-Money Laundering Bulletin, focussing on the Virtual Asset Service Provider (‘VASP’) sector. In this bulletin, the CBI has provided its observations on a number of significant and widespread deficiencies across authorisation applications received from VASPs where roughly 90% of all applications are not meeting the required standard.

While there has been much discussion of sustainability and ESG (Environmental, Social, Governance) factors in relation to the banking sector in recent times, the reality is that much if not all regulatory instruments to date have focused on a subsection of ‘E’; climate change. Several factors have contributed to this including its actual and predicted impacts, political and social momentum, as well as a growing body of research that facilitates quantification of the associated risks