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UK regulatory agency drafts new anti-money laundering rules, strengthening oversight of cryptocurrency companies
Summary: According to Decrypt, the UK Treasury has released a draft proposal for revisions to current anti-money laundering regulations this week, imposing stricter requirements on cryptocurrency companies. The Financial Conduct Authority will broaden the scope of the fit and proper person test for company controllers, replacing the current beneficial owner test to ensure regulatory coverage of ...
According to Decrypt, the UK Treasury has released a draft proposal for revisions to current anti-money laundering regulations this week, imposing stricter requirements on cryptocurrency companies. The Financial Conduct Authority will broaden the scope of the fit and proper person test for company controllers, replacing the current beneficial owner test to ensure regulatory coverage of complex ownership structures. Other provisions will lower the threshold for notifying changes in control from 25% to 10%, meaning any acquisition of 10% or more of shares or significant influencers must notify the UK Financial Conduct Authority. The UK Treasury is seeking feedback on the draft until September 30, with the regulations expected to be finalized in early 2026 and submitted for parliamentary review.
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Link: UK regulatory agency drafts new anti-money laundering rules, strengthening oversight of cryptocurrency companies [Copy]
