Published On: Tue, Jun 12th, 2018

UK Regulator Warns Institutions of Greater Levels of Risk Posed by Cryptos

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The U.K.’s Financial Conduct Authority (FCA) has penned a letter addressed to CEOs of companies that are exposed to cryptocurrency in some way. In the correspondence, the regulator noted that cryptocurrencies were more likely to have been used to facilitate financial crimes.
FCA Considers Cryptocurrencies as More Likely to be Connected to Financial Crimes
The letter that was dated today acknowledged that many cryptocurrency users did so with respect for existing legislation. However, thanks to the ease with which funds could cross borders and the anonymity afforded by certain digital assets, there was a greater risk of them having being used illegally.
To combat this, the ‘Dear CEO’ letter advised an increase in staff training and additional compliance processes be implemented. Furthermore, companies exposed to the cryptocurrency space should monitor the activities of those clients that were considered as higher risk.
The letter read:

“You should take reasonable and proportionate measures to lessen the risk of your firm facilitating financial crimes which are enabled by cryptoassets.”

In addition, the FCA letter stated that it was important to use ‘the same criteria that would be applied to other sources of wealth’ when …

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