Law firm DWF responds to the FCA expanding Anti-Money Laundering and Counter Terrorist Regulations for Crypto-asset businesses

Imogen Makin, Head of Financial Services Regulatory Investigations at DWF, comments on today’s expansion of the FCA’s Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulatory expansions.

Imogen said: “As of today UK cryptoasset businesses become the latest sector to fall within the FCA’s ever expanding anti-money laundering (“AML”) supervisory regime and agenda. This is reflective of the potential risks of cryptoassets being used for money laundering and terrorist financing.

“The FCA’s continued AML focus, together with the growing use of cryptoassets globally, means that cryptoasset businesses will likely find themselves subject to an increased level of FCA supervision and possible enforcement action.”