The new FCA policy will see the number of companies required to submit financial crime reports increase from 2,500 to 7,000.
UK Crypto Companies Now Have to Submit Financial Crime Reports
The UK Financial Conduct Authority (FCA) published a new policy statement Wednesday that includes crypto companies on the list of businesses required to submit a financial crime report.
- Businesses that are required to submit financial crime reporting arereferred to by the FCA as “REP-CRIM”, which crypto asset companies are now to be included in.
- Previously, this applied to just 2,500 of the 22,000 firms supervised by the FCA under anti-money-laundering regulations.
- This number will rise to 7,000 with “all cryptoasset exchange providers and custodian wallet providers” included in those added.
- All multilateral trading facilities (MTFs), organized trading facilities (OTFs) and all electronic money institutions are also affected.
- The FCAannounced its intention to expand the number of firms required to report on their management of financial crime in August 2020 with a view to widening its insight into firms that carry money-laundering risks.
By Jamie Crawley, March 31, 2021, published on coindesk