United Kingdom: U.K. Regulator Seeks to Expand Financial Crime Reporting Requirements to More Companies

A U.K. regulator is proposing to expand an annual financial crime reporting requirement to a wider set of companies, including cryptocurrency exchanges and custodian wallet providers.

The Financial Conduct Authority, in a consultation paper published this week, proposed extending its requirements to provide firm-specific information about suspected financial crime to companies that conduct regulated activities that could pose higher money-laundering risks.

Roughly 11% of the 23,000 companies the FCA supervises under a 2017 anti-money-laundering law submit such information about potential financial-crime risks, the regulator said.

The original full article can be found at wsj.com


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