Banks in the United Kingdom should enhance scrutiny of clients who derive “significant business activities or revenues” from dealings linked to cryptocurrencies to reduce their exposure to money launderers, according to U.K. financial regulators. In a letter to financial institutions Monday, Megan Butler and Jonathan Davidson, executive directors of supervision at the U.K. Financial Conduct Authority, or FCA, wrote that banks need to be aware of “good practice” because cryptocurrencies such as Bitcoin, Monero or Ripple are at great risk of abuse by financial criminals. “This class of product … offers potential anonymity and the ability to move money between...
The United Kingdom's Financial Conduct Authority released a letter providing guidance on how banks should handle the financial crime risks posed by cyptoassets.
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