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 ArticleECB Report Examines Quality of Lending Practices of Banks
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.