Financial Crime World

Financial Crime Statistics Globally in Ireland: A Growing Concern

Ireland has emerged as a hub for payment services providers, with a significant increase in authorizations by the Central Bank of Ireland. The fintech landscape is rapidly changing, leading to a surge in electronic money and virtual assets.

Rise of Electronic Payments

According to recent figures from the European Central Bank (ECB), the value of sent payments involving non-monetary financial institutions reached €83,768.4 million in 2022, representing a staggering 300% increase from 2021.

Safeguarded Funds on the Rise

Safeguarded funds reported to the Central Bank have increased tenfold since December 2023, reaching approximately €8 billion. This significant growth highlights the importance of a robust Anti-Money Laundering (AML) framework in Ireland’s payments sector.

The Growing Complexity of Financial Crimes

The growing complexity of money laundering schemes and the prevalence of other financial crimes, such as online fraud, underscore the need for strengthened AML/CFT measures. The country’s regulatory environment, aligned with key European guidelines, emphasizes the role financial crime plays in safeguarding the integrity of the financial systems.

Authorized Payment Institutions

As of May 2024, the Central Bank of Ireland has reported:

  • 28 Electronic Money Institutions (EMIs)
  • 25 Payment Institutions (PIs)
  • 6 Account Information Service Providers (AISPs)
  • 11 Virtual Asset Service Providers (VASPs) authorized over the past seven years.

AML/CFT Measures Crucial for Ireland’s Fintech Sector

As Ireland’s fintech sector continues to expand, it is crucial that AML/CFT measures are strengthened to combat financial crimes. The country’s appealing tax policies and comprehensive network of double tax agreements have made it an attractive jurisdiction for payment services providers.

In conclusion, the growing complexity of financial crimes in Ireland highlights the need for a robust AML framework and strengthened AML/CFT measures to safeguard the integrity of the financial systems.