According to a report issued yesterday, May 1, in 2023, the British regulator will devote approximately one-third of its financial crimes staff (about 30%) to monitoring crypto asset companies, and the British Financial Conduct Authority (FCA) reported that it has assessed the risks related to various sectors, and has identified sectors Banking services directed at individuals, institutions, wealth management companies, and those specializing in crypto assets are considered a potential arena for financial crimes in 2023, considering that these sectors are most at risk of being misused in money laundering activities.
As part of its efforts to combat financial criminal activity, the FCA’s team of specialists conducted extensive reviews, including 231 in-depth analyzes (desk checks) and 7 site visits, and other internal supervisory teams identified 375 potential issues, 95 of which were related to digital assets.
The regulatory body conducted a major survey - called REP CRIM - of crypto companies in April 2022, and its comprehensive survey collected information about the anti-money laundering (AML) standards applied by these companies. The data collected through the REP CRIM survey - along with other intelligence reports - allows the regulator to more effectively identify risks and design control measures accordingly.
