The UK's Financial Conduct Authority (FCA) has entered into a tender contract for external consultants to help train staff on the risks of money laundering and terrorist financing presented by the crypto industry. The FCA will spend £ 500,000 on these consultants.
The FCA is seeking the services of a third-party company specializing in this sector that can provide access to a platform capable of supporting robust and efficient analysis of crypto asset blockchain data and provide ongoing training and support in its use. of this platform.
The announcement comes in the midst of a series of months in which cryptocurrency-related terrorist financing made headlines. These include a Hamas spokesperson who cited a spike in bitcoin donations amid renewed conflict with Israel, far-right extremists collecting millions of cryptocurrencies, and the United States Department of Justice elevating ransomware attacks, which often involve cryptocurrencies, at a level of priority similar to terrorism.
This is the latest move in the FCA's approach to the cryptocurrency industry, but it also symbolizes a significant shift in the regulator's priorities when it comes to cryptocurrencies. Over the course of 2021, the FCA made a number of high-profile decisions regarding the cryptocurrency industry, most of which focused on consumer risk and investor protection.
On January 10, 2021, the FCA announced that all companies conducting specific crypto businesses fell within the scope of the UK's money laundering, terrorist financing and fund transfer regulations. The UK's financial services regulator, the Financial Conduct Authority (FCA), said the cryptocurrency exchange Binance refused to provide background information about its business.
In the summer, the FCA said it had a major problem with the apparent lack of a Finance headquarters, and later claimed the exchange was "unable" to be regulated after BML failed to provide background information. on how Binance is organized.
by Alessandro Crea
Thursday 25 November 2021 12:00