The UK’s Financial Conduct Authority (FCA) has extended its financial crime reporting framework to include cryptocurrency businesses. Per the policy, around 7,000 firms will now have to submit a REP-CRIM return instead of the 2,500 previously. Besides crypto firms, banks, building societies, and other businesses have been brought under the REP-CRIM framework.
The return consists of information designed to compile data on potential risk areas of financial crime such as: PEPs, high risk jurisdictions & customers, number of SARs filed, sanctions screening systems, & most prevalent frauds.
Cryptocurrency exchange & wallet operators will have to submit an annual financial crime reporting document (REP-CRIM) from March 30, 2022.
Danos Consulting can support firms as they navigate through some of challenges relating to the REP-CRIM reporting & preparation, including:
- Data readiness, accuracy, & completeness
- Aggregation, analysis, & interpretation of the data
- Identification of any data gaps
- Due diligence of SARs & AML related data
- System reviews for risk assessment, sanctions screening, transaction monitoring & fraud
- Regulator information requirements
Please contact Bradley Handelaar if you would like to discuss
your REP-CRIM preparation & how our expert consulting solutions can ensure you meet the regulators requirements.