UK Crypto Companies Now Have to Submit Financial Crime Reports

31 March 2021

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 are referred 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 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.

See also: Korean Government Approves Crypto AML Rule Set to Come Online Thursday

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