As of today (Friday), international know your customer (KYC) and anti money-laundering (AML) standards have been adopted for cryptoassets.
In Brief:
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The FCA is now the AML and counter terrorist financing (CTF) supervisor of the cryptoassets business.
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This is according to the newly amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
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Cryptoasset activities have been identified at a global level to pose money laundering and terrorist financing risks.
What does this mean?
This will enable regulators in the UK and abroad to ensure a safe and secure financial system – it’s been necessary to update regulation with the advent of new cryptocurrencies which are by their nature deregulated.
