Central Bank Announces Enforcement Action Against Credit Union for Breaches of Anti-Money Laundering Requirements

On 2 July 2025, the Central Bank of Ireland (“Central Bank”) published a settlement notice in respect of Swilly Mulroy Credit Union for breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and the Credit Union Act 1997, as amended, between January 2014 and June 2021.

This is the third settlement under the Administrative Sanctions Procedure (ASP) following the changes introduced by the enactment of the Central Bank (Individual Accountability Framework) Act, 2023.

For more information, see FIG Top 5 at 5 dated 10 July 2025.

Delegated Regulation on RTS on Subcontracting ICT Services Supporting Critical Functions Under DORA Published in the OJEU

On 2 July 2025, Delegated Regulation (EU) 2025/532 was published in the official journal of the European Union.

For more information, see FIG Top 5 at 5 dated 10 July 2025.

Commission Adopts Delegated Regulation Amending June 2025 Delegated Regulation on List of High Risk Third Countries Under MLD4

On 8 July 2025, the European Commission adopted a delegated regulation amending the delegated regulation that it adopted on 10 June 2025.

For more information, see FIG Top 5 at 5 dated 10 July 2025.

EBA Launches Consultation on Draft Guidelines on Sound Management of Third Party Risk

On 8 July 2025, the European Banking Authority launched a public consultation (“Consultation”) on draft guidelines on the sound management of non–ICT related third party risk.

Highlighting the increasing reliance by financial institutions on third party service providers, the Consultation notes that such reliance may result in increased risk, and exposure to significant harm, for financial entities, their customers and, in some cases, the wider financial system.

For more information, see FIG Top 5 at 5 dated 17 July 2025.

ESAs Publish Guide on Oversight Activities Under DORA

On 15 July 2025, the European Supervisory Authorities published a guide (“Guide”) on oversight activities under DORA.

The purpose of the Guide is to explain the critical third-party service providers oversight framework including, its objectives / underlying principles / structure / activities / implementing processes / and expected outcomes.

For more information, see FIG Top 5 at 5 dated 17 July 2025.

Central Bank Updates Cross Industry Guidance on Operational Resilience

In the third week of July 2025, the Central Bank published its updated Cross Industry Guidance on Operational Resilience (“Guidance”). The Guidance is applicable from 14 July 2025 and replaces the previous version that applied from 1 December 2021 to 13 July 2025.

For more information, please see FIG Top 5 at 5 dated 24 July 2025.

Consultation on Ireland for Finance Strategy 2026-2030 is Published

On 21 July 2025, the Department of Finance published a consultation on the Ireland for Finance Strategy 2026-2030.

The current Ireland for Finance Strategy, published in 2022, expires in 2026 and was largely driven by the increased prominence of fintech and sustainable finance.

For more information, please see FIG Top 5 at 5 dated 24 July 2025.

Colm Kinkaid Appointed as Deputy Governor, Consumer & Investor Protection, at the Central Bank of Ireland

On 22 July 2025, the Central Bank issued a press release announcing that Colm Kinkaid has been appointed as Deputy Governor, Consumer & Investor Protection at the Central Bank.

For more information, please see FIG Top 5 at 5 dated 24 July 2025.