Ireland

The Central Bank (Individual Accountability Framework) Act 2023, referred to locally as Acht na Banc Ceannais (An Creat Cuntatachta Aonair), 2023, is an entirely operational primary law passed by the Irish Parliament and is enforced by the Central Bank of Ireland (CBI) [www.centralbank.ie]. This law is aimed at ensuring fundamental changes in governance and culture within the financial services industry through implementation of the Senior Executive Accountability Regime (SEAR), conduct standards and strengthened annual Fitness & Probity (F&P) certifications. Importantly, this piece of legislation provides the CBI with direct enforcement capability to circumvent corporate organizations and impose personal penalties on senior management functions for failing to abide by regulation. After phased implementation, which started on 19 April 2023, the laws are now fully in operation and were updated as late as 10 February 2026 to include protection of digital asset and crypto-asset service providers.

Data Protection Act 2018 is an effective piece of primary legislation that incorporates the EU General Data Protection Regulation into domestic Irish law. It is regulated by the Data Protection Commission, which sets rules for global data protection standards and makes regular updates.

Consumer Protection Code is a mandatory regulatory framework established by the Central Bank of Ireland to safeguard consumers from all forms of financial misconduct by financial organizations. The latest amendment to the Consumer Protection Code was enforced on 24th March 2025 and has been effective from 24th March 2026. This amendment introduced new rules in relation to digital banking systems and financial accessibility.

The Criminal Justice (Money Laundering and Terrorist Financing) Act of 2010 acts as the key legislation in the compliance regime for anti-money laundering and counter-terrorism financing in Ireland. The current legislation requires customer due diligence and suspicious transaction reporting by designated businesses, with more recent changes extending coverage to digital asset services businesses.

The Central Bank of Ireland was created by the Central Bank Act 1942 and forms the legal foundation of its domestic regulatory powers. The legislation has been updated continuously, including incorporation into the Individual Accountability Framework and updates on its digital asset custody function.