This year there has been an explosion of interest in Cryptocurrencies, which has also led to a surge in crime in this mostly unregulated sector. According to a recent report, users have lost over £9 billion ($12 billion) through crime apps, lending platforms, and exchanges since 2020.
The vast majority of Crypto companies which provide services to customers in the UK are not licensed by the Financial Conduct Authority (FCA). However, since January 2020 the FCA has been monitoring Crypto businesses to ensure that they are complying with measures surrounding Anti-Money Laundering (AML) and counter-terrorist financing, and over recent months they have issued warnings about Crypto assets because of these links to Financial Crime.
The FCA is investing significantly in resources to identify illegal activity, enabling the regulator to fulfil its duties as the supervisor of digital assets in the UK.
As the Crypto market grows in popularity, controllers will be implementing an emerging set of rules and regulations, and this evolving landscape requires expert navigation. Danos Consulting can help your business to navigate this arena, we offer our clients Consultancy Services and expert Interim Resourcing to support the mitigation of risk and regulatory compliance. We can support you with Compliance and FinancialCrime risk assessments or health checks, remediation work and regulatory change projects – we are very happy to advise on the right solutions to ensure you are meeting your regulatory responsibilities.
Over the past few years we have supported many firms in the Crypto space and have proven specialists in this sector that can help and add immediate value and essential support to your projects and business.
For more information, please contact Bradley Handelaar, Senior Associate, Danos Consulting | T: + 44 (0) 207 010 1154 | E: firstname.lastname@example.org.
Testimonial From AML Professional, Cryptocurrency:
“Having worked with Bradley, it is obvious that he has excellent leadership skills and has pragmatic negotiation skills. Bradley is extremely enthusiastic and knowledgeable about the banking and recruitment industry. He is a dedicated and goal-oriented strategist that cannot be overestimated. Bradley makes the impossible possible. I’ve worked with Bradley and he’s one of the best within recruitment.”