FCA Extends AML Reporting Rules To Crypto-Asset Firms
Law360, London (April 1, 2021, 11:11 AM BST) -- The finance watchdog has toughened its supervision of crypto-asset companies by forcing the digital currency businesses to submit rigorous reports disclosing details of their defenses against money laundering.
The Financial Conduct Authority has said it will ramp up its anti-money laundering supervision by increasing the number of companies that have to submit a special financial crime log to the watchdog — known as REP-CRIM reports — and will bring in cryptocurrency firms for the first time.
The number of companies that will have to submit the financial crime report will increase from 2,500 to 7000, the FCA said on Wednesday, as it brings...
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