Introduction Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us. 1 I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda. While the discussion is multifaceted, and tied up with a regulatory cycle which has turned, an economic one which has become more challenging, not to mention a renewed focus by ...
All Firms
Central Bank loan-level research shows the Irish lending market is significantly less concentrated when considering the full diversity of lenders. Robust capital and liquidity positions have served the sector well – with the evidence not supporting a lowering of overall levels of resilience on the basis of bank credit, profitability or international competitiveness. Central Banks best serve these broader objectives related to productivity and growth by delivering on their core mandates, effec...
Bank
I was in Washington for the Spring Meetings of the International Monetary Fund (IMF) two weeks ago and this week I was in Frankfurt at the latest meeting of the ECB Governing Council, to decide interest rates to achieve our price stability target of 2 per cent inflation over the medium term. I wanted to use this blog to offer some reflections on both meetings. Inevitably the war in the Middle East cast a shadow over both meetings. Uncertainty about the global outlook dominated the discourse: ...
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Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial crime. Change, instability, flux, unpredictability - all words that I guarantee you will hear on multiple occasions throughout the day’s events. I will not be any different. We ...
Bank
Good morning. Brendan, thank you for the warm introduction. It is a pleasure to join you at the ILCU Internal Audit Services Conference. I also want to thank Barry Harrington for the invitation to address you here today. 1 When I addressed the ILCU Annual Conference last April, I spoke about a time of transformative change for credit unions, a period that would bring both significant opportunities and important challenges. 2 One year on, we can see that transformation taking shape. A revised ...
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More than one in three Irish adults (35%) have experienced fraud or scams. 38% of fraud victims never reported their experience to their financial service provider or any authority. Research identified risky online behaviours as the single strongest predictor of fraud experience—more influential than age, income, or education level. Fraud victims are far more likely to recover monies when the fraud is reported. Fraud literacy reduces predicted fraud exposure Central Bank of Ireland of Ireland...
Bank
In his latest blog, Governor Gabriel Makhlouf argues that central banks must modernise their digital infrastructure and regulatory frameworks to ensure that central bank money remains the stable foundation of Europe's financial system whilst enabling private sector innovation in a digitally transformed ecosystem.
BankFintechCrypto Exchange
Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code. Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary change, geopolitical instability, rapid technological transformation and shifting economic conditions. Governor Makhlouf summarised this well when he said how 2026 has already seen ext...
Deputy Governor Colm Kincaid's speech on 24 March 2026 emphasizes consumer protection as central to the Central Bank of Ireland's (CBI) mission amid geopolitical, technological, and economic changes, highlighting the revised **Consumer Protection Code 2025** (CPC 2025) as a key modernization effort. This matters for compliance professionals because the CPC 2025 introduces enhanced, digitally-focused protections effective **24 March 2026**, replacing the 2012 Code after a 12-month implementation period, with firms required to proactively secure customer interests.
What Changed
- The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for...
- Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset.
- Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective...
- Specific enhancements: Fraud/scam protections; mortgage switching disclosures; greenwashing prevention via clear sustainability claims; expanded consumer definition (e.g., SMEs up to €5m turnover...
- Supporting materials: Guidance on securing interests/vulnerable consumers, mapping tool for legacy codes, redline amendments.
Suggested Considerations
- Gap analysis: Map current policies/processes against CPC 2025 using CBI's mapping tool; update for new obligations like digital service design, vulnerability screening, fraud measures.
- Policy/system updates: Implement "secure customers’ interests" framework; enhance disclosures (e.g., mortgages, charges, unregulated activities); train staff on conduct standards/vulnerable consumers.
- Governance/risk: Strengthen board oversight, risk management for cyber/fraud/digital risks; distinguish regulated/unregulated activities.
- Testing/monitoring: Develop records/compliance systems; test advertising/bundling; integrate sustainability claims checks.
- Stakeholder engagement: Review CBI guidance/FAQs; prepare for supervision during implementation.
Key Dates
- CBI publishes revised CPC 2025, Standards for Business Regulations, Consumer Protection Regulations, and guidance
- CPC 2025 takes effect; existing 2012 Code ceases (12-month implementation period ends)
- 2012 Code (with addenda) remains in force
Compliance Impact
Urgency: High – With effectiveness today (24 March 2026), firms face immediate non-compliance risk as the 12-month window closes; CBI supervision will intensify on digital/fraud/vulnerability protections amid heightened risks (e.g., cyber, scams). Non-adherence risks enforcement under CBI's powers, reputational damage, and fines, especially as this "gold-plates" EU rules in a volatile environment.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankInsurancePayment Provider Central Bank of Ireland today published a Discussion Paper examining the potential role of Distributed Ledger Technology (DLT) and tokenisation in the financial system . Deputy Governor Vasileios Madouros, commenting on the publication, said: “Distributed ledger technology and tokenisation have the potential to transform how financial services are delivered. We believe this technology, if enabled and deployed correctly, can change the financial system for the better, including by helping the ...
The Central Bank of Ireland (CBI) has launched Discussion Paper 12 (DP12) on Distributed Ledger Technology (DLT) and tokenisation in financial services to explore their transformative potential in areas like markets, funds, payments, and money, while assessing opportunities, risks, and enablers such as legal clarity and interoperability. This matters for compliance professionals as it signals CBI's proactive stance on integrating these technologies into a resilient financial system, aligning with EU ambitions like the Savings and Investment Union, and invites stakeholder input to shape future policy without proposing immediate rules. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )
What Changed
This is a non-binding discussion paper, not a regulatory change or new requirement; it poses 16 questions on topics including legal recognition of tokenised instruments, governance, infrastructure, funds (e.g., tokenised MMFs and ETFs), payments, and risks like operational resilience and interoperability. It highlights needs for policy intervention to avoid fragmented "walled gardens," ensure central bank money's role, and address challenges in fractionalisation, transparency, and settlement finality, but no mandates are imposed yet.
Suggested Considerations
- Review DP12 (PDF available via CBI site) and prepare/ submit responses to the 16 questions by 5 June 2026, focusing on legal clarity, risks, funds tokenisation, and enablers like interoperability.
- Engage in CBI's structured stakeholder dialogues to influence future frameworks.
- Assess internal DLT/tokenisation pilots or plans against discussed risks (e.g., operational resilience, scalability) and opportunities (e.g., fractional ownership, 24/7 liquidity).
Key Dates
- Deadline for stakeholder submissions responding to the 16 questions in DP12
5 June 2026; - CBI to publish a feedback statement assessing responses and existing policy fit. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )
Compliance Impact
Urgency: Medium – This consultative paper poses no immediate rules but represents a key opportunity to shape emerging DLT/tokenisation regulation amid CBI's 2026 priorities on tech-driven transformations and resilience; inaction risks missing input on critical enablers like legal finality for tokens, potentially leading to stricter future requirements misaligned with firm needs. It aligns with broader EU/BIS pushes (e.g., MiCA, tokenized reserves), amplifying relevance for firms in funds, payments, and crypto.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
New OECD report highlights financial scams as top threat to consumers globally Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD’s Consumer Finance Risk Monitor 2026 , a comprehensive global assessment examining consumer protection challenges across 60 international jurisdictions. Deputy Governor Kincaid emphasised the need for strengthened oversight as structural economic, technological and market-conduct risks converge to significantly elevate ...
BankFintechPayment Provider
In his latest blog, the Governor Gabriel Makhlouf reflects on the publication of the Regulatory and Supervisory Outlook 2026 and the recent Access to Cash report.
BankPayment Provider
The Central Bank of Ireland has today (24 February) published its first quarterly Access to Cash report . The Finance (Provision of Access to Cash Infrastructure) Act 2025 has put in place a framework to ensure sufficient and effective access to cash across the State. Today’s report uses newly collected data to show the number, location and opening hours of ATMs and cash service points across eight geographical regions in Ireland, as of 31 December 2025. The Minister for Finance set the acces...
BankPayment Provider
It is a pleasure to be here in Oxford 1 While I’m aware that this is a school of government and I’m a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens interact with each other. Successful institutions are those that are trusted by the societies that created them and for which they ultimately serve. Today I am going to resist the oppo...
Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountability—matters that directly affect how the CBI exercises supervisory discretion over regulated firms.
What Changed
- This is not a regulatory change document but a governance clarification with compliance implications:
- Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
- Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
- Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
- Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.
Suggested Considerations
- *Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
- *Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
- *Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.
Key Dates
- Ireland assumes EU Council Presidency; CBI will support government during this period
- CBI published its 2026 Regulatory and Supervisory Priorities, which establish the operational framework within which this governance philosophy applies
- This speech delivered, reinforcing institutional independence principles
Compliance Impact
Urgency: MEDIUM
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankAsset ManagerPayment Provider Central Bank of Ireland and Banca d’Italia are launching the Innovation Data Challenge 2026, a joint initiative designed to foster cutting-edge research and innovation in the retail payments sector. The Challenge reflects the shared commitment of the two Institutions to promoting applied research, international collaboration, and the responsible use of data and technology to shape the future of payments. The initiative brings together leading Irish and Italian universities, including Universi...
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In this blog, Governor Gabriel Makhlouf writes about the development of the Digital Euro and how central banks foster trust and safety in the financial system and in the implementation of projects like the Digital Euro.
BankFintechCrypto Exchange
The Central Bank of Ireland has today (5 December) launched a public consultation on the implementation of our new Access to Cash responsibilities. Deputy Governor Vasileios Madouros said: “Amid a rapidly evolving payments landscape, the Central Bank of Ireland is committed to making sure that cash continues to be readily available as a means of payment. Today’s consultation is an important step towards the implementation of the Central Bank’s new responsibilities under the Access to Cash leg...
The Central Bank of Ireland has launched a public consultation on implementing new **Access to Cash** responsibilities under the Finance (Provision of Access to Cash Infrastructure) Act 2025, which commenced on 30 June 2025. This consultation addresses two critical areas: identifying local deficiencies in cash infrastructure and establishing minimum ATM service standards. The initiative reflects regulatory commitment to ensuring cash remains readily available as payment preferences shift toward digital channels.
What Changed
- The consultation covers two primary regulatory components:
1. Local Deficiency Guidelines
The Central Bank will establish procedures for identifying geographical areas where individuals and SMEs...
- Hours of ATM availability
- Cash withdrawal limits
- Banknote denomination stocking requirements
- Maximum ATM unavailability periods
Suggested Considerations
- *For designated credit institutions:
- Monitor consultation developments and prepare for compliance with minimum cash infrastructure maintenance levels once regulations are finalized
- Prepare to provide quarterly data on ATM numbers, locations, and availability hours
- *For ATM operators:
- Engage with the consultation process to provide feedback on proposed service standards
Key Dates
– Finance (Provision of Access to Cash Infrastructure) Act 2025 commenced
– Public consultation period for local deficiency guidelines and ATM service standards
– First publication of quarterly cash infrastructure data expected
– Central Bank to publish final ATM service standards regulations
– Direct engagement with consumers, people with disabilities, older people, and SMEs
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
BankPayment Provider
The Central Bank of Ireland has fined Coinbase Europe Limited €21,464,734 for breaching its anti-money laundering and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The Central Bank of Ireland (the Central Bank) has fined Coinbase Europe Limited (Coinbase Europe) €21,464,734 for breaching its anti-money laundering (AML) and combatting terrorist financing (CFT) obligations with respect to transaction monitoring as required by the Criminal Justice (Money L...
The Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21,464,734 for AML/CFT transaction monitoring failures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010), involving over 30 million unmonitored transactions worth €176 billion from April 2021 to March 2025. This marks CBI's first enforcement against a crypto firm, highlighting regulators' focus on robust real-time monitoring and timely Suspicious Transaction Reporting (STR) for virtual asset service providers (VASPs). It matters as it sets a precedent for EU crypto compliance amid MiCA and AMLA implementation, signaling increased scrutiny and potential multimillion-euro penalties for similar lapses.
What Changed
This is an enforcement action, not new legislation, but it reinforces existing CJA 2010 requirements for VASPs: ongoing transaction monitoring, immediate STR filing to the Financial Intelligence Unit (FIU) and Revenue Commissioners upon suspicion of money laundering or terrorist financing, and adoption of internal policies/controls to prevent/detect financial crime.
Suggested Considerations
- Conduct Gap Analysis: Review transaction monitoring systems for configuration errors, back-testing historical data, and ensuring 100% coverage of high-risk transactions.
- Enhance Controls: Implement robust internal policies, automated alerts, and governance to detect/prevent ML/TF; test systems regularly for faults affecting >1% of volume.
- Accelerate STR Processes: Ensure real-time suspicion flagging and filing; remediate delays via prioritized back-monitoring with FIU coordination.
- Board/Compliance Reporting: Document remediation plans, as Coinbase did, and prepare for audits/enforcement; train staff on VASP-specific risks under MiCA/AMLA.
- Third-Party Review: Engage independent auditors to validate fixes, mirroring Coinbase's post-error cooperation.
Key Dates
19 March 2025; Period of breaches, including 12-month window of unmonitored €176 billion transactions
Settlement reached between CBI and Coinbase Europe
CBI public announcement and Settlement Notice published
High Court confirmed sanctions, making them final and effective
Compliance Impact
Urgency: High – This establishes a €21.5m benchmark for VASP monitoring failures in the EU, with risks amplified by MiCA (effective 2024) and AMLA (2025 onward), where national regulators like CBI will enforce harmonized rules. Firms risk similar fines (30% settlement discount possible), reputational damage, and operational restrictions if unmonitored volumes exceed 1-5%; immediate reviews are essential given CBI's precedent and cross-EU applicability.
AI-generated analysis. May contain errors or omissions — verify with the
original CBI source
before acting. Full disclaimer.
Crypto ExchangeFintechPayment Provider
Clearbnk (Clone) – Central Bank of Ireland Issues Warning on Unauthorised Firm
BankFintech
GasTrade - Central Bank of Ireland Issues Warning on Unauthorised Firm
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I’d like to thank Insurance Ireland and Milliman for inviting me here today for this Chief Risk Officer (CRO) Forum. I’d like to use this opportunity to briefly reflect on the recent turmoil we’ve seen in the banking sector, what this might mean for (re)insurers, and to highlight some of our supervisory priorities going forward. Much commentary has already been devoted to the fallout from SVB and Signature Bank in the US, and to the acquisition of Credit Suisse by UBS. Whilst the exposure of ...
BankInsurance
Introduction Good morning everyone. Thank you for inviting me to speak here today. Before I begin, I’d like to acknowledge the important role played by Financial Services Ireland in advocating for its members, and in promoting the Irish financial services sector, both here and abroad. Whilst the respective missions we undertake are undoubtedly different, we have a shared interest in a strong and stable financial services sector. It is claimed that the phrase “may you live in interesting times...
Insurance
Introduction Good morning, and thank you for attending our Insurance Industry Event, the second of these which we’ve held virtually. Hopefully, as the vaccine rollout continues and restrictions are eased, there won’t have to be a third! The COVID 19 crisis has brought about a significant amount of change to all of our personal and professional lives, and with it has provided the opportunity to reflect on what is important, and where our priorities should lie. With this in mind, I would like t...
Insurance
Opening remarks at the 2020 Insurance Industry Briefing Good morning everyone. I would like to thank you for attending today’s industry briefing. In my remarks this morning, I will take this opportunity to touch on: the role that insurance can play in society; some of the reasons why the industry in Ireland is negatively perceived; and the areas of supervisory focus for the Central Bank moving forward. 2020 has been an unprecedented year in so many respects and the emergence of COVID-19 has a...
BankInsurance