Cryptoasset AML/CTF Regime: Feedback On Applications
Update
Feedback on good and poor quality applications made to us under money laundering regulations. Read this feedback to help you prepare your application for registration.
This feedback is not exhaustive and should be viewed together with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLRs), relevant guidance and the information on our website about registration applications from cryptoasset businesses.
The FCA will take all relevant matters into account when assessing applications for registration.
Background and registration statistics
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses since 10 January 2020.
See a summary of the applications for registration that we have received and the outcomes of the applications that have been determined, as at 1 January 2024.
|
|
Last month |
Previous 12 months |
Since Jan 2020 |
|
Applications received |
2 |
28 |
337 |
|
Applications determined |
|
||
|
Registered |
0 |
4 (7%) |
45 (14%) |
|
Rejected |
1 |
7 (13%) |
35 (11%) |
|
Withdrawn |
0 |
43 (78%) |
226 (71%) |
|
Refused |
0 |
1 (2%) |
12 (4%) |
|
Total |
1 |
55 |
318 |
About the data
We have rejected submissions that didn’t include key components necessary for us to carry out an assessment, or the poor quality of key components meant the submission was invalid.
The table does not include information on any appeals following our decisions to refuse applications.
Who this is for
- current and potential cryptoasset applicants
- consultants and trade associations
Links: https://www.fca.org.uk/firms/cryptoassets-aml-ctf-regime/feedback-good-poor-applications#revisions