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Since the beginning of this year, the Financial Conduct Authority (FCA) has overseen the AML / CTF policy of UK crypto companies under MLR.

The FCA has recently reminded firms with or planning to start crypto activities in the UK through the media of the importance of completing registration forms, which it plans to process by January 2021.

UK crypto company registration

Under the new regime, firms must be fully registered by January 10, 2021. Therefore, it is worth hurrying to apply for the registration of a crypto company with the FCA. Otherwise, companies may have problems, as operations without registration will be criminalized.

If you are planning to obtain a UK crypto-asset exchange license or custodian wallet operator license, you need to take care of the registration immediately. Also, the new regime applies to obtaining a UK P2P provider license.

Minimizing risks

Firms will be assessed through a registration process through which the regulator can review transactions, AML procedures, risk assessments of financial irregularities, and audit reports.

Also, the regulation of crypto activity in the UK obliges crypto companies to provide such data as an overview of systems, technologies and operations, verification of technical controls, keeping records of suspicious transactions, etc.

By the way, the specialists of our company offer comprehensive consultations for clients on the AML policy and the KYC procedure.

The regulator has significant enforcement powers, so it is important for the business to follow all instructions exactly. Otherwise, the regulator has the right, at its own discretion, to revoke and “freeze” business permits, impose significant ones, receive court orders for the liquidation of enterprises, and even initiate criminal proceedings.

The new regime requires each cryptocurrency firm to provide the regulator with the following documents:

  • AML strategy;
  • business plan;
  • financial projections;
  • details of the organization and management team;
  • names of beneficial owners;
  • internal control mechanisms.

Important: Starting January next year, banks in the UK will be authorized to check FCA registries. If your company is not in the register, then the banks will consider that it is working illegally. You run the risk that the accounts of the firm will be closed without any warning. Better to avoid this situation!

Legal assistance

If the tightened regulatory regime affects your business or if you need advice on the regulatory regime for crypto companies in the UK, please contact our professionals using the feedback form on the website.