Anti-Money Laundering: Challenges and Solutions
Date: 2024-05-02 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS, IN WORLD
The UK Treasury has released a report on anti-money laundering and counter-terrorism financing, highlighting the significant risks associated with cryptocurrency over the past two years.
FCA steps to combat crypto firms
To combat money laundering through cryptocurrency, the UK Financial Conduct Authority (FCA) has expanded its supervisory teams specializing in the crypto market.
The FCA analyzed the activities of 238 crypto firms over the period, finding that crypto asset management firms remain particularly vulnerable to financial crime.
Increased Interest in Cryptocurrencies
Other watchdog groups began conducting additional investigations related to financial crimes, opening 375 cases, including 95 investigations related to cryptocurrencies.
Let us recall that last year the FCA already took measures to combat illegal advertising of cryptocurrencies, issuing warnings about non-compliance with new marketing rules.
