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FCA’s approach to AML regulation of firms’ cryptoasset activity

December 9, 2019

Cryptoasset activity, what changes are coming?

From 10 January 2020, the FCA will be the anti-money laundering and counter-terrorist financing supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (the MLRs).

Why is it happening?

All crypto businesses will need to comply with the MLRs from 10 January 2020 and the FCA will start supervising them from 10 January 2020, irrespective of whether they have registered or applied to be registered.

The FCA’s supervisory approach to cryptoasset businesses will be in line with its approach to other businesses under the MLRs in that firms that pose the greatest money laundering and terrorist financing risk will receive an increased level of supervisory focus. If, following supervisory engagement, the FCA has reason to believe serious misconduct has taken place, it may decide to commence an enforcement investigation.

We can help

In the meantime – with time potentially in very short supply – if you’d like immediate practical assistance with the processes of identifying whether your cryptoasset activity will be in scope of the MLRs, determining your AML procedures or registering with the FCA, our expert team can help.

Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.