Firms will have to collect and transmit data on cryptocurrency transfers under new rules from the Financial Conduct Authority, as the regulator aims to stop the movement of digital assets for illicit purposes.
In a statement yesterday (17 August), the FCA said that crypto operators will now be expected to comply with the ‘Travel Rule', an international attempt to prevent use of digital assets for crimes such as financing terrorism and money laundering. FCA's Pritchard: We need open debate about crypto risks The rule brings crypto firms into the regulatory sphere of the Financial Action Task Force, a global anti-money laundering watchdog, and requires them to collect and transmit specific information on the origin of funds and their beneficiaries. In June 2023, FATF noted its "serious con...
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