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FCA director outlines supervisory powers to combat cryptoasset money laundering

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Published on: 06 March 2020

Published by LNB News

LNB News 06/03/2020

Document Information

Issue Date: 06 March 2020

Published Date: 06 March 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has published a speech by its director of retail and regulatory investigations, Therese Chambers, on cryptoassets, financial regulation and preventing financial crime in the emerging market for digital assets. Chambers argued that, while money laundering using cryptoassets is a real danger, the application of robust anti-money laundering (AML) controls combined with international co-operation can help reduce the risk, and the FCA’s AML regime for cryptoassets includes unique supervisory and enforcement powers that are tailored to meet international standards.

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