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ARTICLE · 11 OCTOBER 2023

UK Crypto AML Registrations: FCA Feedback On Good And Poor Quality Applications

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On 6 October 2023, the Financial Conduct Authority ("FCA") updated its anti-money laundering ("AML") and counter terrorist financing ("CTF") regime webpage ("Webpage") with useful feedback on good and poor quality...

United KingdomTechnology
Neil Robson
Neil Robson
Christopher Collins
Christopher Collins
Sara Portillo
Sara Portillo
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On 6 October 2023, the Financial Conduct Authority ("FCA") updated its anti-money laundering ("AML") and counter terrorist financing ("CTF") regime webpage ("Webpage") with useful feedback on good and poor quality applications – based on real-life applications submitted to the FCA by UK cryptoasset businesses ("CBs") for registration under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLR").

The FCA has been the AML and CTF supervisor of CBs since 10 January 2020. The updated Webpage announces that in the last 12 months, it has determined 79 applications. Amazingly, just five of these applications (6% of applicants) have resulted in the applicant firms becoming registered CBs, with the remainder being rejected, withdrawn, or outright refused. The Webpage has been updated to reflect further examples of good and poor practice detected by the FCA in applications for registration. With regards to the

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