Irish Gangs Use Vaults for Crypto Key Storage Amid Anti-Money Laundering Efforts
- Ireland’s Criminal Assets Bureau reports gangs are storing crypto wallet seed phrases and private keys in rented vaults alongside cash and luxury items.
- The practice has been reported to Ireland’s Anti-Money Laundering Steering Committee as the country prepares for new EU rules banning cash transactions over €10,000.
- Detective Chief Superintendent Michael Gubbins states that criminal use of cryptocurrency in Ireland remains “basic,” with cash still dominating illegal activities.
- The bureau is handling its largest crypto seizure, involving over €130 million realized from a holding of approximately €360 million in Bitcoin.
Organized crime gangs in Ireland are increasingly using rented vaults to secure cryptocurrency-related assets, highlighting ongoing challenges in tackling money laundering activities. The move comes as the country braces for stricter EU regulations aimed at curbing financial crimes.
Despite the rise in crypto use among criminals, traditional cash transactions continue to dominate illicit operations, underscoring the complexity of addressing financial crime through regulatory measures alone. Source
