FCA extends financial crime reporting framework to include cryptocurrency businesses
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.