The new FCA policy will see the number of companies required to submit financial crime reports increase from 2,500 to 7,000.
Mar 31, 2021
A new policy statement from the U.K. Financial Conduct Authority (FCA) on Wednesday includes crypto companies on the list of businesses required to submit a financial crime report.
- Businesses that are required to submit financial crime reporting are referred to by the FCA as “REP-CRIM”, under which crypto asset companies are now to be included.
- 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 crypto asset 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 FCA announced 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.
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