KYC/AML standards to be adopted under FCA supervision

January 10, 2020 | Regulation

Written by FinTech Alliance

KYC/AML standards to be adopted under FCA supervision

As of today (Friday), international know your customer (KYC) and anti money-laundering (AML) standards have been adopted for cryptoassets.

In Brief:

  • The FCA is now the AML and counter terrorist financing (CTF) supervisor of the cryptoassets business.

  • This is according to the newly amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

  • 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.

Read more here.

 

More in Regulation

Wirecard sanctions lifted in UK
Regulation
July 01, 2020

Wirecard sanctions lifted in UK

The FCA has lifted restrictions imposed on Wirecard UK last week following the collapse of the paren...

Spain introduces sandbox policy for FinTech
Regulation
March 10, 2020

Spain introduces sandbox policy for FinTech

The Spanish government has introduced legislation to support FinTech development. In Brief:...

AI in financial services - are you meeting the regulators’ expectations?

Posted By The Community

Regulation
January 08, 2020

AI in financial services - are you meeting the regulators’ expectations?

As the use of AI in financial services continues to grow, PwC explores some of the key regulatory th...

Written By: PwC

Regulation
March 30, 2020

Sector Views 2020

Welcome to the Financial Conduct Authority’s Sector Views. Our Sector Views give us a picture...

Regulation
January 02, 2020

Monetary policy and birth rates: the effect of mortgage rate pass-through on fertility

This paper examines whether monetary policy pass‑through to mortgage rates affects household fertili...

Regulation
October 22, 2019

Regulation in a changing world

Highlights: The FCA asks itself if its regulatory model is still the right one, and if it&rsqu...

There are no Events in this category