UK crypto firms require annual financial crime report

The Financial Conduct Authority of the United Kingdom has incorporated crypto-asset businesses within the financial crimes, thereby reporting post the initial announcement of plans to perform so. The Financial Conduct Authority has made this public with the help of a policy statement. It is one of those moves that come as the nation’s financial regulator, thereby increasing the number of organizations demanded to submit annual financial crime reports. 

What’s in the Policy Statement for Combatting Crime? 

As per the policy statement, the Financial Conduct Authority happens to declare that compliance with annual financial crime report happened to be necessary for enabling regulators to combat fraud and money laundering activities. According to their business plan, the  Financial Conduct Authority is likely to strengthen its rules for preventing money laundering. They are supposed to work with international and domestic stakeholders for supporting a joint approach to crypto assets. 

Also Read: Africa: A Global Crypto Hub: En Route Financial Liberation

Initial Plan Announcement and So On

In the initial plan announcement in August 2020, UK regulators declared that this move was to adopt a data approach to financial technological regulation. As per reports, financial crimes reporting obligations happened to be respective concerning the cryptocurrency firm’s annual revenue. Following the announcement of the policy statement, the crypto firms of the United Kingdom incorporated in the extended annual finance crime report, thereby requiring them to submit their reports within their due dates. 

Final Words

As far as the Financial Conduct Authority is concerned, crypto-asset businesses mainly refer to custodial wallet providers and cryptocurrency exchanges. The introduction of annual financial crime reporting oversight of the regulators of the virtual currency world. Thereby incorporating compulsory registration concerning digital asset organizations.

Also Read: Less Money Invested in Crypto Funds Due to Stagnated Market

The FCA has continued supervising anti-money laundering stipulations of the UK crypto businesses since January 2020. Moreover, a host of crypto business registration applications compelled the FCA to develop a temporary license during December 2020. Thereby bringing the ban on FCA into effect in January 2021.