UK crypto firms must now submit yearly financial crimes reports

UK crypto firms must now submit yearly financial crimes reports

Financial crimes reporting obligations are irrespective of a crypto firm’s total annual revenue. The United Kingdom's Financial Conduct Authority has included cryptoasset businesses under the financial crimes reporting umbrella eight months after initially announcing plans to do so.The FCA made this known via a policy statement issued on its website on Wednesday. This move comes as the country’s financial regulator has increased the number of firms required to submit annual financial crime report known as “REP-CRIM” from 2,500 to about 7,000.According to the policy statement, the FCA....


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