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According to the latest report by the United Kingdom’s financial regulatory body, the Financial Conduct Authority (FCA), individual banking, corporate banking, asset management companies, and cryptocurrency firms posed the highest risk of exploitation for money laundering between 2022 and 2023. The FCA stated that it conducted risk assessments on 238 companies and emphasized a strong approach to compliance with anti-money laundering regulations.
Full-Time Financial Crime Specialists Appointed
The report underscores the FCA’s commitment to combating financial crimes, revealing that it appointed 52.8 full-time financial crime specialists to oversee anti-money laundering measures between 2022 and 2023. Notably, 15.8 of these specialists were specifically focused on monitoring cryptocurrency companies, indicating increased scrutiny in this sector.
Moreover, outside of the specialized financial crime units, broader audit teams initiated 95 cases related to cryptocurrencies during the reporting period. This approach reflects the regulatory authorities’ intensive efforts to effectively reduce and prevent money laundering risks by identifying potential security vulnerabilities and increasing oversight of cryptocurrency-related activities.
The findings in the FCA’s report demonstrate the importance of strong regulatory measures and timely implementations in protecting the integrity of the financial system. Nowadays, many regulatory bodies like the FCA are promoting greater transparency and compliance in the cryptocurrency sector while aiming to reduce the risk of illegal financial activities and maintain the highest standards of financial integrity and security.
Monitoring Crypto Companies Since 2020
Since 2020, the FCA has been actively monitoring cryptocurrency companies, mandating registration and adherence to strict anti-money laundering rules. This regulatory approach is part of the United Kingdom’s commitment to combating crimes related to cryptocurrencies and enhancing financial transparency in the sector.
The United Kingdom police have facilitated the seizure of cryptocurrencies linked to crimes by establishing nationwide cryptocurrency tactical advisors, with efforts to prevent cryptocurrency-related crimes increasing in recent years. In October 2022, the National Police Chiefs’ Council reported successfully seizing hundreds of millions of dollars worth of cryptocurrency, serving as a concrete indicator of these efforts.
