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BREAKING: Crypto Asset Businesses Now Have to Submit Financial Crime Report: FCA Watch Dog

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Wed, 31/03/2021 - 9:54
BREAKING: Crypto Asset Businesses Now Have to Submit Financial Crime Report: FCA Watch Dog
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British financial regulator Financial Conduct Authority has published a new policy statement: from now on, crypto companies will be included in the category of businesses referred to as "REP-CRIM."

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Banks, crypto asset businesses: "REP-CRIM"

The policy of the regulator has changed as it is compelling businesses that work with digital assets to submit financial crime reports to help the FCA assess potential money laundering risks.

Apart from cryptocurrency companies, FCA has included "additional firms" on this list. Overall, now the new rule applies to banks, building societies, businesses undertaking MiFID-related activities and crypto-related businesses.

From this point on, they will all be referred to as "REP-CRIM."

This policy statement proposes that additional firms and cryptoasset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks.

This update has been made after the FCA consultation in August last year. Now, the number of companies that have to send in their financial crime reports has increased from 2,500 to approximately 7,000, according to the statement.

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What REP-CRIM is about

These reports give the Financial Conduct Authority information about indicators of potential money laundering for these companies on the basis of their regulated activity in order to better supervise them.

The regulator now considers expanding this list to a larger number of companies.

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