Published On: Wed, Jun 13th, 2018

FCA Urges UK Banks to Adopt Robust Security Measures Against ‘Risky’ Cryptocurrency Business

Share This
Tags

The Financial Conduct Authority (FCA), U.K.’s top financial watchdog, has advised banks to adopt appropriate measures to minimize the risks and exposure inherent in the cryptocurrency business. This advice was contained in a recent letter sent by the FCA to the CEOs of local U.K. banks.
Robust KYC Protocols
The FCA encouraged banks to be more thorough in their know-your-customer (KYC) activities. The financial monitoring agency urged banks to be especially watchful of clients who earn considerable revenue from the market, saying:
Where you offer banking services to current or prospective clients who derive significant business activities or revenues from crypto-related activities, it may be necessary to enhance your scrutiny of these clients and their activities.
 
Banks are also encouraged to ascertain the source of wealth of their customers who participate in the market. The FCA admitted that applying the current means of following the “money trail” might be difficult to apply to crypto-assets. However, the agency insists that such difficulty isn’t a justification for employing other evidential tests for a customer’s source of wealth.

Due Diligence for Cryptocurrency Clients
Another area of concern for the FCA is the …

Read more –> click here all content is copyright Bitcoinist.

Need Bitcoin marketing and PR? Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin or cryptocurrency press release CLICK HERE..

Powered by ABITCO.IN

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Most Popular Posts

ALL Bitcoin News

Like what you’re reading?

Never miss any breaking Bitcoin news by following us on Facebook and Twitter!


SUBSCRIBE OUR RSS FEED AT: http://abitco.in/feed

×