The Regulation of Crypto-assets for Anti-Money Laundering: A Socio-technical Systems View of Ireland’s Financial Intelligence Unit

Meighan, Steven

Abstract

This research explores the duality of crypto-assets, acknowledging their obvious benefits to society while at the same time recognising their susceptibility to criminal exploitation, especially regarding cybercrime and in facilitating the laundering of the proceeds of crime. It focuses on Ireland, where legislation regulating crypto-assets for the purposes of Anti-money Laundering (AML) was first introduced in 2021. The research analyses suspicious transaction reports (STRs) submitted to the Irish Financial Intelligence Unit (FIU Ireland) by private-sector Money Laundering Reporting Officers (MLROs) who identified customer activity indicative of (crypto-) money laundering. Through a comprehensive approach encompassing a thorough review of literature, industry reports, legislation, interviews, and focus groups with experts, along with the examination of 2,719 crypto-asset related STRs received by the FIU in 2021, this study contributes a customised socio-technical conceptual framework of both the phenomenon studied (crypto-laundering) as well as its detection by industry and the FIU. This framework aids in organising the intricate dynamics of crypto-laundering and provides valuable insights for global FIUs and reporting entities in elevating the quality of their STR identification, reporting, and analysis. The contributions made by this research can be adapted and have universal application to other domains and disciplines.

Citation

Meighan, S. (2024). The Regulation of Crypto-assets for Anti-Money Laundering: A Socio-technical Systems View of Ireland’s Financial Intelligence Unit. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/5088280

• Thesis Type: Thesis
• Deposit Date: Mar 25, 2025
• Publicly Available Date: Apr 8, 2025
• Keywords: Crime; Cybercrime; Money Laundering; Anti-money Laundering (AML); Crypto-assets; Financial Intelligence Unit (FIU); Socio-technical Systems Theory
• Public URL: https://hull-repository.worktribe.com/output/5088280
• Additional Information: Systems Science; Faculty of Business, Law and Politics; University of Hull
• Award Date: Nov 13, 2024