The UK regulator wants to fight even more against money laundering and is proposing a new obligation for crypto companies.
A new proposal from the Financial Conduct Authority (FCA) in the United Kingdom aims at closer control over criminal activity, in particular money laundering. The most fundamental novelty concerning crypto companies is the obligation to fill in a detailed form called REP-CRIM.
The proposal states:
All cryptoasset exchange providers and custodian wallet providers.
These firms are new categories of firms within the scope of the REP-CRIM obligation.
What do companies have to fill in REP-CRIM?
Data on potential risk areas of financial crime as:
- PEPs
- high risk jurisdictions and customers
- number of SARs filed
- sanctions screening systems
- most prevalent frauds
The annual REP-CRIM statement came into force in 2016 and the aim was to replace the ad-hoc data collection of financial crime risks with risk-sensitive. Each year, the affected companies must submit this form together with the financial statements within 60 business days.
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