The UK’s Financial Conduct Authority (FCA) has issued a press release, announcing that, starting from 10 January 2020, it will be the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for UK crypto-asset service providers.
This is on the basis of the European Union’s 5AMLD being transposed into national law via amending the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
As the Treasury has expressed its intention to widen the scope of service providers in scope of the 5AMLD’s requirements, the FCA recommends that the following businesses should assume they must comply with the MLRs from 10 January 2020:
- Crypto-asset exchange provider;
- Custodian Wallet Providers;
- Crypto-asset Automated Teller Machine (ATM);
- Peer to Peer Providers;
- Issuers of new crypto-assets, eg Initial Coin Offering (ICO) or Initial Exchange Offering (IEO); and
- Publication of open-source software eg Non-Custodian Wallet providers.