Crypto firms operating in the UK, prior to 10th January 2020, are required, in compliance with the 5th Anti-Money Laundering Directive (5MLD), to register with the FCA and be compliant with the MLRs 2017, as amended. There has been a number of extensions to the registration deadline. Director Philip Creed looks at what firms should be doing now to better prepare for their cryptoasset registration.
fscom, one of the leading compliance firms for the regulated sector in the UK and Ireland is continuing to expand its Payments Team with the appointment of a new senior manager, Dane Pedro.
When it comes to the subject of using consultancy firms, companies and individuals within the same company have differing views on the pros and cons of seeking outsourced compliance support. In this article, Jayne Donnelly, Compliance Associate in boutique regulatory compliance consultancy, fscom interviews recently appointed Senior Manager Dipesh Patel to explore the topic further.
‘IPO’, three letters to embody the essence of a $3.76tn UK market, so fundamental that their meaning speaks even to the uninitiated. Initial offerings, however, extend beyond the realms of traditional shares. Yet, for the vast majority, news of an STO – Security Token Offering is likely to fly under the radar.
On the one hand, this comes as no surprise. A report by the Cryptoasset Taskforce confirmed that security tokens compose only a very limited portion of the markets within the UK. Consequently STOs, or Security Token Offerings, are about as common as royalty. On the other hand, despite their nature as cryptoassets, they aren’t so very different to the common shares that marketeers and the public alike have come to know.
In this fourth blog in our series on the FCA’s CP21/3 consultation, Greg James looks at the proposed changes to strong customer authentication (SCA); one of the most contentious regulatory developments introduced by the second Payment Services Directive (PSD2).
The FCA has made a clear effort to alleviate some of the strain on the customer journey, however with new guidance inevitably comes new questions. We have broken down the changes into those that will generate the most conversation and those that are simply explicit confirmations in existing guidance.
For the EEA payment service providers now in the FCA’s reach because of Brexit, the past few months have been a sharp learning curve as to expectations. CP21/3 provides a steer through the proposed changes to the Payment Services and Electronic Money Approach Document.
The FCA has proposed new guidance on Open Banking, charting its first course of regulatory divergence in the area after Brexit. As detailed below, among other things, the FCA is proposing to make dedicated interfaces mandatory for many payment account providers (ASPSPs).
For the payments compliance and regulation sector, 2021 has continued at the same frantic pace as 2020, with multiple consultations issued in the first quarter by HM Treasury, the PSR and the FCA.
In this series of blogs, fscom subject matter experts will analyse the changes proposed in the FCA’s CP21/3, issued at the end of January.
The Kalifa review, commissioned by the HMT sets out a strategic plan for the UK to remain a world class centre in fintech. Earlier this week, Director of Financial Crime, Philip Creed and the rest of the Emerging Payments Association’s Project Financial Crime team gave their opinion on the Kalifa report in the first podcast of the EPA’s Insights Series.
In this blog, Dipesh Patel discusses the FCA's finalised guidance on firm's responsibilities to ensure they are treating vulnerable customers fairly.