However, the drafting of the EU’s Fifth Money Laundering Directive (5AMLD) into UK legislation now brings cryptocurrency exchanges within the definition of an ‘obliged entity’, imposing greater due diligence and reporting requirements. In addition, businesses carrying on cryptocurrency activity in the UK are also being required to have robust AML processes in place, particularly to verify the identity of senders and receivers. Such businesses are also required to register with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The increased regulation in the industry places cryptocurrency exchanges and businesses under significant scrutiny.

Our technologies help cryptocurrency businesses to achieve optimal financial crime compliance performance with maximum efficiency. We can help you to build solutions that allow data held on customers to be used to maximum effect in identifying and managing the risk of financial crime, thus enabling compliance with ever evolving regulatory standards.