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ARTICLE · 07 SEPTEMBER 2024

UK Cryptoasset Firms And Sanctions Reporting

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Firms providing cryptoasset exchange and custodial services must report suspected sanctions breaches and comply with UK sanctions reporting obligations. HM Treasury's updated guidance includes these firms as "relevant"...

United KingdomTechnology
Gherson  
Gherson  

Do firms providing cryptoasset exchange and custodial services have to report suspected sanctions breaches?

Yes, firms providing services of cryptoasset exchanges and cryptoasset custodians must report suspected sanctions breaches, as well as comply with additional sanctions reporting requirements.

Background

Previously, all relevant firms have been subject to UK sanctions reporting obligations. These obligations include reporting awareness of a person or entity subject to financial sanctions and reporting any breach of the sanctions regulations that occurs in the course of business.

30 August 2022 Updated Guidance

HM Treasury's Office of Financial Sanctions Implementation's ("OFSI") 30 August 2022 Guidance "Reporting information to OFSI – what to do" confirms that the definition of relevant firms includes a cryptoasset exchange provider and a custodian wallet provider.

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