Q&As

If a company is set up to buy and sell virtual currencies, what anti-money laundering checks and know your customer checks should it carry out on its customers?

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Published on LexisPSL on 16/04/2018

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • If a company is set up to buy and sell virtual currencies, what anti-money laundering checks and know your customer checks should it carry out on its customers?

The principal UK requirements on anti-money laundering and know your customer checks—usually referred to as customer due diligence or CDD—at present are:

  1. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 SI 2017/692 (2017 MLRs), which implement the Fourth Money Laundering Directive (EU) 2015/849 (MLD4) in the UK, and

  2. Chapter 6.3 of the Senior Management Arrangements, Systems and Controls sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 6.3)

The 2017 MLRs apply to:

  1. credit institutions

  2. financial institutions

  3. auditors, insolvency practitioners, external accountants and tax advisers

  4. independent legal professionals

  5. trust or company service providers

  6. estate agents

  7. high value dealers (ie a trader in goods who makes or receives, in respect of any transactio

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