Cryptocurrency is one of the biggest money laundering risks in 2022-2023: UK government report
According to a UK Treasury report published on May 1, data provided by the Financial Conduct Authority (FCA) shows that crypto firms are among the "most vulnerable" companies to financial crime, including money laundering.
They have been identified as one of four main types of high-risk firms between 2022 and 2023. Crypto companies were included in this list along with retail and wholesale banking companies, as well as asset management companies.
They have been identified as one of four main types of high-risk firms between 2022 and 2023. Crypto companies were included in this list along with retail and wholesale banking companies, as well as asset management companies.
“Crypto asset companies remain vulnerable to being used for money laundering purposes.”
According to the report, between 2022 and 2023, more than 52 employees on average were assigned to anti-money laundering oversight, and about a third of them were assigned to overseeing cryptocurrency companies.
The risk assessment presented in the report was based on the Financial Conduct Authority's analysis of 238 firms. The FCA is the main financial regulator in the UK and, since 2020, has been responsible for registering and overseeing anti-money laundering regulations for cryptocurrency companies.
Recently, the UK has been actively combating crimes related to cryptocurrency. The country's police reported having cryptocurrency advisors distributed throughout the country to assist in the confiscation of digital assets associated with criminal activity. The National Police Chiefs' Council also announced successful seizures of hundreds of millions of dollars worth of cryptocurrencies in October 2022.
Also, from April of this year, British law enforcement will be able to seize crypto assets without a court decision.
The risk assessment presented in the report was based on the Financial Conduct Authority's analysis of 238 firms. The FCA is the main financial regulator in the UK and, since 2020, has been responsible for registering and overseeing anti-money laundering regulations for cryptocurrency companies.
Recently, the UK has been actively combating crimes related to cryptocurrency. The country's police reported having cryptocurrency advisors distributed throughout the country to assist in the confiscation of digital assets associated with criminal activity. The National Police Chiefs' Council also announced successful seizures of hundreds of millions of dollars worth of cryptocurrencies in October 2022.
Also, from April of this year, British law enforcement will be able to seize crypto assets without a court decision.
We at AML Crypto would like to remind you that AML verification of a crypto address is one of the main ways to protect yourself from being involved in money laundering. And perform AML address verification, check your crypto wallet for purity, track a transaction - this and more you can do in our Btrace solution. Free AML wallet verification for every new user.
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