FCA Reports On Cryptoasset AML/CTF Regime Applications
Update
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for UK cryptoasset businesses since 10 January 2020. The regulator has now published feedback on good and poor-quality applications made to it under the regulations, with the aim of helping firms prepare their applications for registration.
The regulator recommends its feedback be viewed alongside the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and information provided on the FCA website on applications for registration from cryptoasset businesses. The regulator has stressed that it will take all relevant matters into account when assessing applications for registration.
The table below summarises applications for registration received by the FCA, and the outcomes of applications that had been determined by 1 September 2023.
|
|
Last month |
Previous 12 months |
Since Jan 2020 |
|
Applications received |
2 |
36 |
324 |
|
Applications determined |
|
||
|
Registered |
0 |
6 (7%) |
43 (14%) |
|
Rejected |
0 |
10 (11%) |
31 (10%) |
|
Withdrawn |
2 |
71 (79%) |
225 (73%) |
|
Refused |
0 |
3 (3%) |
11 (4%) |
|
Total |
2 |
90 |
310 |
The FCA said it had rejected submissions that didn’t include key components needed for assessment or where their poor quality made a submission invalid. The table does not include information on any appeals following initial FCA decisions to refuse an application.