13.12.2019

New FCA webpage – Cryptoassets, Anti-Money Laundering & Counter Terrorist Financing Regime

The Financial Conduct Authority has published a web-page concerning its future, role as the Anti-Money Laundering and Counter Terrorist Financing Supervisor of UK Cryptoasset Businesses under the ‘Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;.

The ‘FCA’ describes the scope of Cryptoasset Activities which fall under the ‘MLR’ alongside the registration requirements for Crypto Firms and the its approach to enforcement and supervision in this area.

Cryptoasset Firms and those Firms involved in Cryptoasset-related activities are advised to raise this issue to their Compliance and Financial Crime Teams, ensuring that Senior Management / Executive Teams and Board Members are appraised and maintain oversight.

Firms will need to register with the FCA and abide by the key dates (as below) :

- 10 January 2020: ‘FCA Gateway’ opens for businesses to submit applications for entry to the FCA Register. A Business must comply with the ‘MLRs’ in relation to Cryptoasset Activities. The ‘FCA’ have powers to supervise and enforce under the ‘MLRs’
- 30 June 2020: Latest date for applications to be received for priority review to check that they are complete and ready to be determined
  10 October 2020: Latest date for complete applications ready to be determined by 10 January 2021
- 10 January 2021: Any Firm not registered must cease trading.

Further information:
To read more, please follow this link:
https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime

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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.