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FCA becomes AML/CTF supervisor of crypto businesses in the UK

Jan 10 2020
By
Jonathan Smith

 

As of today, the UK Financial Conduct Authority (FCA) becomes supervisor of crypto-asset businesses for anti-money laundering and counter terrorist financing (AML/CTF) purposes.

 

The new regulatory powers of the UK financial watchdog derive from an amendment of the AML/CTF Regulations made in December last year, which expands the scope of persons subject to supervision with crypto-asset exchange providers, custodian wallet providers, peer to peer providers, making initial coin offering (ICO) or initial exchange offerings,and crypto-asset automated teller machines.

 

As a result, new UK businesses conducting crypto-asset activities must now register with the FCA, and those operating prior to 10 January 2020 will be afforded a transitional period until 10 January 2021 in which to register.

 

The revisions of UK laws implement the European Union’s Fifth Anti-Money Laundering Directive, commonly referred to as “5MLD” and are designed to strengthen the UK’s AML and CTF regimes in order to meet the Financial Action Task Force’s global standards.

 

TAGS: FCA  UK  crypto exchanges  ICOs  regulation  AML 

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