UK Financial Watchdog FCA Now Supervises AML/CTF Compliance of Crypto Businesses
Ana Alexandre's original article for cointelegraph.com reduced by 70%
According to an official announcement published on Jan. 10, FCA will supervise whether United Kingdom-registered businesses engaged in crypto asset-related operations are compliant with relevant regulations and requirements. List of requirements to crypto businessesFurther in the announcement, FCA set forth a list of requirements for cryptocurrency-related businesses, which includes the identification and assessment of risks in regards to AML and CFT, development of policies and controls to eliminate risks associated with AML and CFT, conduction of customer due diligence, and others.
"The FCA has been progressive on its views on crypto for years; including monitoring and permitting trials of the technology in sandbox environments before regulatory licenses are needed. The UK generally sees itself as a Fintech leader, and the FCA sees part of its job as not getting in the way of innovation..
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