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