FCA: Becomes AML and CTF supervisor of UK cryptoasset activities
- The FCA is now the AML/CTF supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering
- Any UK business conducting specific cryptoasset activities falls within scope of the regulations and will need to comply with their requirements
- Identify and assess the risks of money laundering and terrorist financing which their business is subject to
- Undertake customer due diligence when entering into a business relationship or occasional transactions
- Apply more intrusive due diligence, known as enhanced due diligence, when dealing with customers
- New businesses carrying out cryptoasset activity in scope of the MLRs registered with the FCA before conducting businesses
