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Does your business deal in crypto? Priority cryptoasset registration applications deadline fast approaching

[fa icon='calendar'] 22-Jun-2020 17:02:44 / by Colin Sloan posted in 5MLD, cryptocurrency, Cryptoassets

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The 30 June deadline for crypto asset applications to receive a priority review from the FCA is fast approaching. 

As you may be aware, cryptoasset exchange providers and custodian wallet providers have been included in the AML supervisory regime by virtue of 5MLD. This inclusion was implemented in the UK by virtue of The Money Laundering and Terrorist Financing (amendments) Regulations 2019 which came into force on the 10 January this year.

Cryptoasset exchanges and custodian wallet providers are now therefore subject to the full range of AML obligations under the Money Laundering Regulations 2017 (MLRs), including customer due diligence, suspicious activity reporting, transaction monitoring obligations, etc.

Furthermore, the UK government has given the FCA powers to supervise and enforce the requirements laid out within the MLRs. As such, these firms must now register with the regulator.

 

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2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead

[fa icon='calendar'] 13-Feb-2020 12:00:00 / by fscom Team posted in BREXIT, 5MLD, Payments sector, safeguarding, Cybersecurity, Cryptoassets

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What does 5MLD mean for cryptocurrency firms?

[fa icon='calendar'] 07-Jan-2020 16:12:07 / by Philip Creed posted in 5MLD, Cryptoassets

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Entering into force in July 2018 after political agreement was reached by the EU Parliament, the Council and the Commission, the EU’s Fifth Money Laundering Directive (5MLD) is intended to be transposed into applicable national law no later than 10th January 2020.  

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5MLD -  What are the key changes in the Fifth Money Laundering Directive?

[fa icon='calendar'] 24-Sep-2019 14:30:00 / by Philip Creed posted in AML Audit, 5MLD, fincrime, Cryptoassets

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Her Majesty’s Treasury published a consultation paper on the UK’s transposition efforts relating to the EU’s 5th Money Laundering Directive (5MLD) earlier this year. The Directive will come into force on 10th January 2020 and contains enhancements to the existing provisions as mandated by the EU’s 4th Money Laundering Directive (4MLD) which was implemented in the UK through the Money Laundering Regulations 2017.

With less than 4 months to go, you should be considering how the proposed changes will impact your business and whether your current approach to financial crime risk management is adequate.

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