FCA: Becomes AML and CTF supervisor of UK cryptoasset activities

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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