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ARTICLE · 26 DECEMBER 2019

Cryptoasset Businesses: Are You Ready For 5MLD?

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From 10 January 2020, the FCA will supervise the anti-money laundering (AML) compliance of certain cryptoasset businesses which, for the first time

United KingdomTechnology

From 10 January 2020, the FCA will supervise the anti-money laundering (AML) compliance of certain cryptoasset businesses which, for the first time, will be brought within scope of the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).

Although HM Treasury has not yet published its response to its April consultation on how the MLRs will be amended to transpose the EU's Fifth Money Laundering Directive, 5MLD, the cryptoasset activities that were envisaged by that consultation as coming within scope of the MLRs, once amended, included:

  • cryptoasset exchanges;
  • cryptoasset ATMs;
  • custodian wallet providers;

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