fscom News and Events

The Crypto Regulatory Frontier: Security Tokens, In or Out?

[fa icon='calendar'] 27-May-2021 12:24:35 / by Jamie Cooke posted in Investment firms, Cryptoassets, Investments

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‘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.

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6AMLD – What are the key changes to the Sixth Anti Money Laundering Directive?

[fa icon='calendar'] 22-Jan-2021 09:48:26 / by Fred McDowell posted in cryptocurrency, fincrime, Cryptoassets, 6MLD

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In this blog, Fred McDowell, Senior Manager within the fincrime team in fscom, outlines the key changes in the 6th Anti Money Laundering Directive (6AMLD) and what it means for regulated firms in both the UK and the EU.

 

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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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Bringing Cryptocurrency To The Front Line: Who, What, Why & How?

[fa icon='calendar'] 12-Mar-2018 12:00:00 / by Karen Vickers posted in Cryptoassets

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When we hear the word ‘cryptocurrencies’, three fixations tend to pop up; price volatility, anonymity and, perhaps most of all, its enduring association with the darker corners of the internet.

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