UK FCA Consults on Crypto Crime Guidance, Focusing on Wallet Checks and On-Chain Analytics

Original sourceBlockBriefe

Summary

The UK Financial Conduct Authority (FCA) has proposed updated crypto crime guidance that brings crypto assets into its supervised fraud, sanctions, data security and money laundering frameworks, applying to all FCA-supervised entities including crypto firms and AML-regulated institutions. Practical…

Key points

UK-regulated crypto and payment firms can use this to adjust their wallet checks, on-chain analytics and travel rule implementation.
The FCA makes clear that on-chain data cannot serve as a standalone control measure, which will change how compliance teams position and combine blockchain analytics tools.
UK compliance teams must review current customer due diligence and travel rule processes before December 24 and prepare comments on the draft guidance.

Crypto Regulation

Editorial note

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