UK Crypto Companies Now Have to Submit Financial Crime Reports

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 at 11:45 a.m. UTC
Updated Sep 14, 2021 at 12:34 p.m. UTC

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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