As of the 1st of September, the FCA now requires crypto firms to “take all reasonable steps and exercise all due diligence to comply “with requirements to verify, collect and share information about where funds come from and who the beneficiaries are. The FCA suggest that crypto forms should carry a risk assessment when dealing with international transfers from countries that do not comply with the travel rule.

 These new measures are the latest initiative in an industry wide crackdown suspected money laundering within the crypto sector.

 BSQ maintains a watching brief on the latest developments in crypto crime and cryptocurrency regulation.

Companies or individuals requiring advice on AML and KYC compliance measures or pending investigations or prosecutions in the crypto industry should contact our London offices on (020) 3858 0851.