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British Regulator Requires AML Data From Crypto Firms

25 August 2020 18:00, UTC
British Regulator Requires AML Data From Crypto Firms
By Anna Martynova

In a published proposal, the UK's Financial Conduct Authority (FCA) said it plans to expand the obligations it imposes on firms to communicate money laundering risks. Back in 2016, the FCA regulator began to require annual reports from financial institutions.

According to the new decision, all crypto asset exchanges and custodian wallet providers are required to provide FCA with a financial crime report, regardless of their total annual income. FCA expects comments by November 23 and plans to publish a new policy statement incorporating the new rules by the first quarter of 2021.

The information requested will include the number of the firm's clients in high-risk jurisdictions, the number of clients who refused to provide data or left the company for financial crime reasons, and the top three most common cases of fraud.

According to the rules, crypto companies must provide information from the next reporting date, after January 10, 2022 — cryptocurrency companies must register with the FCA by January 10, 2021. The regulator also stated that additional reporting obligations may be introduced, which may be required in the future.

Image by FT



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