The FCA has shared feedback on good and less good applications received under money laundering regulations, which it hopes will help firms prepare applications for registration.
The regulator suggested that the feedback should be considered alongside relevant guidance in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and information about registration applications from cryptoasset businesses provided on the FCA website.
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for UK cryptoasset businesses since 10 January 2020.
The table below shows a summary of applications for registration received and the outcomes determined as at 1 February 2024.
|
|
Last month |
Previous 12 months |
Since Jan 2020 |
|
Applications recieved |
1 |
29 |
338 |
|
Applications determined |
|
||
|
Registered |
0 |
4 (7%) |
45 (14%) |
|
Rejected |
0 |
7 (12%) |
35 (11%) |
|
Withdrawn |
2 |
45 (79%) |
228 (71%) |
|
Refused |
0 |
1 (2%) |
12 (4%) |
|
Total |
2 |
57 |
320 |
The FCA noted that it had rejected submissions that didn’t include key components required for it to carry out an assessment, or where the poor quality of key components meant a submission was invalid. The table does not include information on any appeals following the regulator’s decision to refuse an application.
Links: https://www.fca.org.uk/firms/cryptoassets-aml-ctf-regime/feedback-good-poor-applications