ARTICLE · 04 MARCH 2020

FCA Becomes AML And CTF Supervisor Of UK Cryptoasset Activities

DLA Piper UK LLP

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On 10 January 2020, the Financial Conduct Authority (FCA) became the anti-money laundering and counter terrorist financing supervisor for businesses that undertake the following cryptoasset activities

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On 10 January 2020, the Financial Conduct Authority (FCA) became the anti-money laundering and counter terrorist financing supervisor for businesses that undertake the following cryptoasset activities:

Cryptoasset Exchange Providers; and/or
Custodian Wallet Providers.

These cryptoasset activities have been brought in-scope of anti money laundering and counter terrorist financing (AML/CFT) laws due to:

the anonymity provided by their trading online;
the limited identification and verification of participants;
the lack of clarity regarding the responsibility for AML/CFT compliance, supervision and enforcement for these transactions that are segmented across several countries; and

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