A Director of Enforcement at the Financial Conduct Authority
(FCA) has set out some of the key challenges the regulator
expects in its new role as AML/CTF (anti-money laundering/counter
terrorist financing) supervisor for some types of crypto
businesses.
What has happened?
In a pre-released speech about
digital assets and preventing financial crime that was delivered at
the New York University School of Law at the end of last week,
Therese Chambers, Director of Retail and Regulatory Investigations
at the FCA, listed some of the challenges the regulator is
expecting to face in its role as AML/CFT supervisor for cryptoasset
businesses.
What does this mean?
Chambers said that the cryptoasset AML regime is "still in
its infancy", as it came into effect only in January this
year, and several key challenges can therefore be expected.
