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Cryptoassets and the amended Money Laundering Regulations

31 December 2019

The Financial Conduct Authority (FCA) has announced an amendment to the current Money Laundering Regulations.

The FCA (opens in new tab) advises that, from 10 January 2020, it will be the supervisor of UK cryptoasset businesses (in relation to certain cryptoasset activities) for anti-money laundering and counter terrorist financing purposes, following the transposition of the EU 5th Money Laundering Directive into UK law under amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations).

The Gambling Commission advises its licensed operators to verify whether any business activities (including where cryptoasset money service business facilities are offered to consumers) fall within the scope of the Regulations and are therefore subject to supervision by the FCA. For further clarification and advice, please visit the FCA website (opens in new tab).

Last updated: 18 August 2021

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