EU and International

European Commission AML Legislative Package

The European Commission’s AML Package was published in the Official Journal of the European Union in June 2024 and is intended to strengthen the European Union’s (‘EU’) framework for anti-money laundering and countering the financing of terrorism (“AML/CFT”). The AML Package comprises the AML Regulation (“AMLR”), the sixth AML Directive (“6AMLD”), the AMLA Regulation (“AMLAR”) and the recast Funds Transfer Regulation (the “recast FTR”).

The AMLR sets out the AML/CFT obligations for all obliged entities (including credit and financial institutions). It will be directly applicable in Member States to ensure consistent application of AML/CFT requirements and avoid regulatory arbitrage.
6AMLD sets out the obligations on Member States, national AML/CFT supervisors (“NCAs”) and national Financial Intelligence Units (“FIUs”). 6AMLD contains provisions relating to the powers and tasks of NCAs (including provisions relating to the imposition of enforcement measures) and FIUs.
The AMLAR establishes the new EU AML Supervisory Authority (“AMLA”). AMLA was legally established in June 2024 and will commence direct supervision of the highest risk obliged entities in January 2028.
Finally, the recast FTR, inter alia, extends the scope of Regulation 2015/847 to cover transfers of crypto-assets.

The AMLR will be legally binding on obliged entities across the EU from July 2027 and the majority of the provisions within 6AMLD must be transposed into national law by the same date (a small number of 6AMLD’s provisions must be transposed within a shorter deadline).

The recast FTR, which became effective in December 2024, lays down rules on the information that must accompany transfers of funds and on the information on originators and beneficiaries accompanying transfers of crypto assets. It also lays down rules on internal policies, procedures and controls regarding the implementation of restrictive measures.

AMLA

A key element of the European Commission’s AML Package was the establishment of AMLA, which is an EU agency responsible for coordinating NCAs and FIUs to ensure the correct and consistent application of EU AML/CFT rules.

The AMLAR places AMLA at the centre of an integrated supervisory system made up of the Authority itself, NCAs and FIUs. AMLA is responsible for overseeing the implementation of the harmonised AML/CFT rules set out in the AMLR, thereby creating a level playing field and preventing regulatory arbitrage across both the financial and non-financial sectors.

AMLA will also be responsible for the direct supervision of 40 of the most complex financial institutions or groups in the EU. Finally, AMLA will play a crucial role in supporting and coordinating FIUs across the EU by facilitating joint analysis of financial intelligence and enabling effective information sharing between FIUs.

Further information in relation to AMLA is available on the AMLA website.

EU AML/CFT Policy Development

Prior to December 2025, the European Banking Authority (EBA) had responsibility for leading, coordinating and monitoring the AML/CFT efforts of all financial services providers and competent authorities in the EU. The EBA also had a legal duty to contribute to preventing the use of the financial system for ML/TF purposes. However, in accordance with Article 103 and 108 of the AMLAR, the EBA transferred its AML/CFT mandates, powers and resources to AMLA at the end of 2025. The EBA will continue to address money laundering risks through prudential regulation, working hand in hand with AMLA to maintain a coherent framework.

Under the new EU AML/CFT Package, AMLA is tasked with completing the EU’s Single Rulebook (by drafting the many Level 2 and Level 3 texts required under the AML package), advancing supervisory convergence, and coordinating the work of FIUs to enhance cross-border exchange of financial intelligence. The Central Bank is actively involved in AMLA’s ongoing regulatory and policy development work.

In its Single Programming Document for 2026 to 2028, AMLA set-out its priorities and timelines and provides an overview of its scheduled mandates for 2026. It also gives an overview of AMLA’s strategic objectives across three core deliverables: namely, completing the Single Rulebook, advancing supervisory convergence, and strengthening cooperation among FIUs. For the Central Bank and our regulated population alike, significant work is required now to make effective preparations. Firms should familiarise themselves with the AMLR, in order to ensure they are in a position to successfully implement the required changes once the AMLR becomes applicable.

Please see below section on ‘Public Consultations’ with regard to AMLA Level 2 and Level 3 mandates that are currently under development.

Article 54 of the AMLA Regulation provides that all existing EBA AML/CFT guidelines and standards remain in force until AMLA replaces them. AMLA will provide suitable transition periods for stakeholders when introducing new guidelines, ensuring regulatory certainty for the industry.

Further information is provided in the following document: Strengthening EU Financial Integrity: EBA-AMLA AML/CFT Transition Explained

Further information on the EBA’s future role is available on its website.

Regulatory Technical Standards

Regulatory Technical Standards (RTS) are Level 2 measures, which are adopted by the European Commission as delegated acts. Under Article 6 of the AMLAR, AMLA is now responsible for the development of Level 2 AML/CFT measures (a role previously carried out by the EBA). RTS must be technical and cannot contain any strategic decisions or policy choices and are limited in content by the legislative act on which they are based. They are also mandatory in nature and designated persons are obliged to comply with them.

Links to existing AML/CFT RTSs drafted by the EBA and applicable to designated persons have been provided below:

Guidelines and Recommendations

Guidelines and Recommendations are Level 3 measures, which were previously issued by the EBA to competent authorities and financial institutions. Under Article 6 of the AMLAR, AMLA is now responsible for the development of Guidelines and Recommendations related to AML/CFT. The purpose of Guidelines and Recommendations is to create consistent, efficient and effective supervisory practices and ensure common, uniform and consistent application of EU law. Competent authorities and financial institutions must make every effort to comply with Guidelines and Recommendations. Where a competent authority does not comply or does not intend to comply with a Guideline or Recommendation, it must notify the respective ESA, stating its reasons, within two months of the issuance of the Guideline or Recommendation on a “comply or explain” basis. Links to existing AML/CFT EBA Guidelines and Recommendations applicable to designated persons have been provided below:

Opinions

Under Article 6 of the AMLAR, AMLA is now responsible for issuing Opinions relating to AML/CFT. Competent authorities and financial institutions are encouraged to take on board the factors identified in individual opinions. Links to relevant opinions applicable to designated persons have been provided below:

Reports

Prior to the transfer of its AML/CFT mandate to AMLA, Article 9a(5) of Regulation (EU) 1093/2010 mandated the EBA to perform risk assessments on significant ML/TF risks affecting the EU’s financial sector. The EBA issued the following reports applicable to designated persons:

Financial Action Task Force (FATF) and Ireland

What is the FATF?

The Financial Action Task Force (FATF) is a policy-making organisation that leads the international fight against money laundering and terrorist financing. In response to the growing concern about money laundering at both the domestic and international levels, the G-7 established the FATF in 1989.

The objectives of the FATF are to set international standards for combating money laundering and terrorist financing and to promote the effective implementation of these standards into the legal, supervisory and regulatory frameworks of its members. The FATF's standards are embodied in its 40 Recommendations, which were updated in 2012, and deal with money laundering, terrorist financing and targeted financial sanctions for terrorism and proliferation.

Please see the FATF website for more information.

Outcomes from FATF Plenary

FATF Week – February 2026

Outcomes from FATF Week – February 2026 are available on FATF's website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the February 2026 Plenary, Kuwait and Papua New Guinea were added to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 13 February 2026

Jurisdictions subject to a call for action

FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. These jurisdictions are subject to a call for action to protect the international financial system. No new countries/jurisdictions were added to this list.

High-Risk Jurisdictions subject to a Call for Action – 13 February 2026

Strategic Initiatives

The FATF approved a paper on cyber-enabled fraud which highlights the escalating fraud threat facing the globe, and the harm done to victims. Recognising these evolving threats, FATF has committed to focusing on fraud over the next few years.
As technology continues to evolve and in recognition of the inherently cross-border nature of virtual assets, the Plenary approved two new reports, to be published next month, that will help countries address emerging risks and support responsible innovation in finance.

FATF Presidency 2026-2028

This week, the Plenary decided to appoint Mr Giles Thomson of the United Kingdom as the next President of the FATF, for a fixed two-year term.

FATF Week – October 2025

Outcomes from FATF Week – October 2025 are available on FATF's website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the October 2025 Plenary, there were no new countries added to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 24 October 2025

Jurisdictions no Longer under Increased Monitoring – Burkina Faso, Mozambique, Nigeria, and South Africa

The FATF congratulated Burkina Faso, Mozambique, Nigeria, and South Africa for the positive progress in addressing the strategic AML/CFT/CPF deficiencies previously identified during their mutual evaluations. These jurisdictions have completed their Action Plans within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

Burkina Faso, Mozambique, Nigeria, and South Africa will continue working with their respective FATF-Style Regional Bodies to sustain improvements in their AML/CFT/CPF systems.

Jurisdictions subject to a call for action

High-Risk Jurisdictions subject to a Call for Action – 24 October 2025

FATF Week – June 2025

A joint FATF-MONEYVAL Plenary meeting took place on 12-13 June 2025. Outcomes from this meeting are available on the FATF website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring – Addition of Bolivia and the Virgin Islands (UK)

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the June 2025 Plenary, the FATF added Bolivia and the Virgin Islands (UK) to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 13 June 2025

Jurisdictions no Longer under Increased Monitoring – Croatia, Mali and the United Republic of Tanzania

The FATF congratulated Croatia, Mali and the United Republic of Tanzania for the positive progress in addressing the strategic AML/CFT/CPF deficiencies previously identified during their mutual evaluations. These jurisdictions have completed their Action Plans within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

Croatia, Mali and the United Republic of Tanzania will continue working with their respective FATF-Style Regional Bodies to sustain improvements in their AML/CFT/CPF systems.

Jurisdictions subject to a call for action

High-Risk Jurisdictions subject to a Call for Action – 13 June 2025

Policy Updates

The revised Recommendation 16 was published on 18 June 2025 together with the Explanatory Note. The changes will come into effect by the end of 2030, and the FATF will produce guidance and continue to engage with the private sector to help industry prepare for the changes.
The Guidance on Financial Inclusion and AML/CFT measures was published on 23 June 2025. The FATF has also published the revised Methodology. The Guidance and the revised Methodology follow on from the adoption of the revised Standards on R.1, and consequential changes to R.10 and R.15 in February 2025.
On 26 June 2025, the FATF published its sixth Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers. The report assesses jurisdictions’ compliance with the FATF Recommendation 15 and its Interpretive Note and sets out recommendations for the public and private sector including around the implementation of the Travel Rule. To assist global implementation of the Travel Rule, the FATF has also published Best Practices on Travel Rule Supervision.

FATF Week – February 2025

Outcomes from FATF Week – February 2025 are available on FATF's website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring – Addition of Lao People's Democratic Republic and Nepal

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the February 2025 Plenary, the FATF added Lao People's Democratic Republic and Nepal to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 21 February 2025

Jurisdictions no Longer under Increased Monitoring – the Philippines

The FATF congratulated the Philippines for the positive progress in addressing the strategic AML/CFT/CPF deficiencies previously identified during their mutual evaluations. The Philippines has completed its Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

The Philippines should continue to work with the relevant FATF-Style Regional Body of which it is a member to sustain its improvements in its AML/CFT system. The FATF encourages the Philippines to continue its work in ensuring that its CFT measures are appropriately applied, particularly the identification and prosecution of TF cases, and are neither discouraging nor disrupting legitimate NPO activity.

Jurisdictions subject to a call for action

High-Risk Jurisdictions subject to a Call for Action – 21 February 2025

FATF Week – October 2024

Outcomes from FATF Week - October 2024 are available on FATF's website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring – Addition of Algeria, Angola, Côte d’Ivoire and Lebanon

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the October 2024 Plenary, the FATF added Algeria, Angola, Côte d’Ivoire and Lebanon to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 25 October 2024

Jurisdictions no Longer under Increased Monitoring – Removal of Senegal

The FATF congratulated Senegal for its significant progress in addressing the strategic AML/CFT/CPF deficiencies previously identified during its mutual evaluations. Senegal has completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

Senegal will continue to work with the FATF and the relevant FATF-Style Regional Body of which it is a member to continue strengthening its AML/CFT/CPF regime.

Jurisdictions subject to a call for action

The FATF reiterated its concerns over the Democratic People’s Republic of Korea’s (DPRK) continued failure to address the significant deficiencies in its AML/CFT regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction and it’s financing. As noted in February 2024, the DPRK has increased connectivity with the international financial system, which raises proliferation financing risks. The FATF calls for greater vigilance and renewed implementation and enforcement of countermeasures against the DPRK. The FATF also urges countries to adequately assess and account for the increased proliferation financing risk with the greater financial connectivity reported, particularly since the next round of assessments requires countries to adequately assess proliferation financing risks under the FATF Standards.

High-Risk Jurisdictions subject to a Call for Action – 25 October 2024

FATF Week – June 2024

Outcomes from FATF Week - June 2024 are available on FATF's website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring – Addition of Monaco and Venezuela

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timelines. At the June 2024 Plenary, the FATF added Monaco and Venezuela to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring – 28 June 2024

Jurisdictions no Longer under Increased Monitoring – Removal of Jamaica and Türkiye

The FATF congratulated Jamaica and Türkiye for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. They have completed their Action Plans to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

Jamaica and Türkiye will continue to work with the FATF and the relevant FATF-Style Regional Body of which it is a member to continue strengthening its AML/CFT/CPF regime.

Jurisdictions subject to a call for action

High-Risk Jurisdictions subject to a Call for Action – 28 June 2024

FATF Week – February 2024

Outcomes from FATF Week – February 2024 are available on the FATF’s website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring - Addition of Kenya and Namibia

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring - 23 February 2024

Jurisdictions no Longer under Increased Monitoring – Removal of Barbados, Gibraltar, Uganda and the United Arab Emirates

The FATF congratulated Barbados, Gibratar, Uganda and the United Arab Emirates for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.

This comes after a successful on-site visit to each of these countries. Each country will work with the FATF-Style Regional Body, of which it is a member, to continue strengthening their AML/CFT/CPF regimes.

Jurisdictions subject to a call for action

• High-Risk Jurisdictions subject to a Call for Action – 23 February 2024

FATF Week – October 2023

Outcomes from FATF Week – October 2023 are available on the FATF’s website. Outcomes relating to high-risk and other monitored jurisdictions are available below. Credit and financial institutions should refer to the FATF website for any changes to these lists when assessing the risks associated with the effectiveness of a jurisdiction’s AML/CFT regime.

Jurisdictions under Increased Monitoring - Addition of Bulgaria

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. At this Plenary, the FATF added Bulgaria to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring - 27 October 2023

Jurisdictions no Longer under Increased Monitoring - Removal of Albania, Cayman Islands, Jordan and Panama

The FATF plenary congratulated Albania, the Cayman Islands, Jordan and Panama for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.

Jurisdictions subject to a call for action

High-Risk Jurisdictions subject to a Call for Action – 27 October 2023

FATF Mutual Evaluation Reviews (MER)

The FATF regularly monitors the progress of its members in implementing its Recommendations through the Mutual Evaluation process. This process consists of a peer review of each member, which provides a detailed description and analysis of their Anti-Money Laundering and Countering the Financing of Terrorism (AML / CFT) framework present in their legislative, regulatory and supervisory apparatus. The findings of the examiners are then discussed at the next plenary and adopted in a Mutual Evaluation report (MER). In 2024, the FATF commenced its fifth round of MERs.

Ireland and the FATF

Ireland joined the FATF in 1991. The last MER of Ireland was carried out by the FATF as part of its Fourth Round of Mutual Evaluations and the outcomes were discussed at the plenary meeting held in June 2017. On the whole, Ireland received a broadly positive review with certain areas commended such as the legislative framework underpinning Ireland’s anti-money laundering (AML) and counter-terrorist financing regime and the role of the Central Bank in the performance of its supervisory responsibilities as a Competent Authority. However, a number of priority actions for improvement were identified which will require remediation as part of the follow-up process. Ireland’s progress in addressing these priority actions have been reviewed by FATF in Follow-Up Reports in 2019 and 2022.

Links to the FATF's Reports on Ireland's AML Regime:

International Monetary Fund (IMF)

Ireland has been a member of the International Monetary Fund (IMF) since 1957 and its financial sector has been deemed by the IMF to be one of 29 jurisdictions with a systemically important financial sector. As such Ireland is subject to financial stability assessments under the Financial Sector Assessment Program (FSAP) which take place approximately every five years.

The FSAP is a detailed assessment of a country's financial sector examining the resilience of the financial sector, the adequacy of the regulatory and supervisory framework and the ability to manage and resolve financial crises.

As part of most recent FSAP conducted by the IMF in June 2022, review of Ireland's AML / CFT regime formed part of the “Financial Integrity” section of the report. View a copy of the report.

Ireland is also subject to periodic review of its AML / CFT regime by way of ROSCs (Reports on the Observance of Standards and Codes conducted by the IMF in conjunction with FATF. Please see links below to ROSCs conducted in Ireland: