A large number of UK crypto firms are not meeting anti-money laundering standards, the national regulator has said
- A large number of UK crypto firms are not meeting anti-money laundering rules, the regulator said.
FCAhas found numerous companies are failing in areas such as due diligence and training.
- Regulators are increasing their scrutiny of
cryptocurrencies, which have boomed in 2021.
A significantly large number of cryptocurrency firms are not meeting the required anti-money laundering standards, the UK's financial watchdog has said.The country's Financial Conduct Authority found numerous crypto firms that had applied to be registered with it were not up to scratch when it came to protecting against crime, a person familiar with the matter said.
Cryptocurrencies have long been attractive for criminals, given that they're decentralized and very difficult to trace.But regulators around the world have increased their scrutiny of cryptocurrencies as
Christine Lagarde, President of the European Central Bank, said in January she was concerned that bitcoin was being used for some "totally reprehensible
"The FCA will only register firms where it is confident that processes are in place to identify and prevent this activity," it said.
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