The UK-based FCA wants to widen its reporting rules to crypto companies

• Anti-money laundering reporting requirements might be needed by United Kingdom-based crypto companies in the near future.
• Earlier in August, a consultation paper was published stating that the FCA had proposed to expand its annual financial crime reporting obligations to include all crypto-asset platforms and custodian and wallet providers.

Anti-money laundering reporting requirements might be needed by United Kingdom-based crypto companies in the near future.

Earlier in August, a consultation paper was published stating that the FCA (financial conduct authority) had proposed to expand its annual financial crime reporting obligations to include all crypto-asset platforms and custodian and wallet providers.

The financial watchdog has set up by extending its reporting rules to more companies on a wider scale, it will be able to get a deeper understanding of what companies will have intrinsic money laundering risks due to their activities.

Data has been looked after by the regulator since 2016 in order to innovate its approach to regulations. At the same time, it mitigates money laundering risks to the financial system in the United Kingdom and ensures its overall longevity.

According to the published paper, more data would give a risk based approach for the watchdog. This would make them more accurate in their work.

With the extension of reporting obligations to a broader audience of companies, the business believes that it will acquire data from more than 4500 businesses on a yearly basis. This would also include crypto firms.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!