FCA is reminding businesses that conduct cryptoasset activity in the UK, to register with FCA to comply with its new regulations. FCA requires firms to submit completed applications for registration by June 30, 2020. This deadline allows FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before January 10, 2021. FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of businesses carrying out certain cryptoasset activities in the UK on January 10, 2020. FCA will proactively supervise firms’ compliance with the new regulations and will take swift action where firms fall short of the desired standards.
Any businesses that started carrying on business in the UK immediately before January 10, 2020 and are not registered by FCA by the January 10, 2021 deadline will have to cease this business. Any new businesses that began operating after January 10, 2020 must be registered with FCA before carrying out any business. Firms authorized or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011, or Payment Services Regulations 2017, but undertaking cryptoasset activity subject to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLRs), will also be required to apply for registration.
Keywords: Europe, UK, Banking, Securities, Cryptoassets, AML/CFT, FCA
Previous ArticleFASB Issues Q&A on Application of GAAP Taxonomy to COVID Disclosures
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.