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Home»Regulation»UK sharpens focus on crypto regulation in latest anti-money laundering report
UK to legislate ‘whole host’ of crypto activities starting in the summer
Regulation

UK sharpens focus on crypto regulation in latest anti-money laundering report

2024-05-01No Comments2 Mins Read
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The UK Monetary Conduct Authority (FCA)’s current anti-money laundering and counter-terrorist funding (AML/CTF) efforts have centered closely on crypto.

The UK Treasury stated in a Could 1 report that the FCA considers crypto companies — like retail and wholesale banks and wealth administration companies — to be “significantly susceptible” to monetary crime and on the highest threat for exploitation by way of cash laundering.

Elevated focus

The report highlighted that the FCA has elevated its give attention to the crypto business lately. In 2022 and 2023, the FCA devoted the equal of 52.8 full-time monetary crime specialists to AML/CTF, whereas 15.8 full-time workers, or 30%, had been allotted towards supervising crypto companies.

The company’s monetary crime specialists carried out 231 desk-based critiques and 7 onsite visits. Different supervisory groups opened an extra 375 circumstances, which included 95 circumstances associated to crypto.

The FCA prolonged new necessities to the crypto sector, together with monetary crime reporting (REP-CRIM) obligations. It used REP-CRIM information with different info, together with however not restricted to crypto blockchain analytics, for improved threat identification and focused interventions.

The FCA started to behave because the AML supervisor for crypto companies, together with exchanges and custodial wallets, in January 2020. The newest report notes that the company’s “strong evaluation course of” led to quite a few rejections and withdrawals amongst candidates, enhancing confidence in corporations that gained approval and demonstrated robust controls.

Broader UK crypto regulation

The newest report critiques previous actions but additionally appears to the long run.

Charlotte Vere, Baroness Vere of Norbiton, wrote that the FCA will quickly announce particulars in regards to the supervisory system’s future construction in gentle of a 2023 session. She stated:

“We … are centered on delivering an formidable and significant programme of adjustments to AML/CTF supervision.”

Adjustments within the space observe different regulatory and enforcement developments within the UK. In late April, UK police gained new powers to grab crypto, and in October 2023, the FCA launched a strict crypto promotion and promoting regime.

See also  ‘Institutions Have Entered the Chat’ As CFTC Approves Chicago Board Options Exchange for Leveraged Crypto Products

The UK can be exploring extra permissive insurance policies, equivalent to a regulatory sandbox, which allows corporations to make use of digital ledger expertise (DLT) beneath modified guidelines and laws.

Posted In: UK, Regulation

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