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Crypto Firms in the UK Must Submit Annual Financial Crime Reports to the FCA
Crypto firms in the UK must submit annual financial crime reports to the FCA. Following the consultation in August 2020, we are increasing the number of firms that need to submit a REP-CRIM return from approximately 2,500 to approximately 7,000. We based our assessment of which firms this extension will apply on our understanding of the potential money laundering risks. This policy statement summarises our proposal to increase the number of firms who need to submit the annual financial crime report, which we refer to as ‘REP-CRIM’. What is being proposed is that additional firms and cryptoasset businesses should be brought into the scope of the return based on their business activities and the potential money laundering risks.
Firms we supervise under the Money Laundering Regulations (MLRs) such as banks, building societies, businesses undertaking MiFID related activities, and cryptoasset businesses.
REP-CRIM provides us information on a range of indicators that reflect the potential money laundering risks of firms’ based on their regulated activity and helps us to supervise firms. In our 2020/21 Business Plan, we said we would consider extending the REP-CRIM reporting obligation to more firms. Reviewing our policy allows us to keep up to date with changes in legislation such as cryptoasset businesses now falling within the scope of the MLRs.
We have statutory objectives under the Financial Services and Markets Act to protect and enhancing the integrity of the UK financial system.
Firms that will be brought into the scope of REP-CRIM for the first time will need to be prepared to submit the return when it is due.
Companies In This Post
- myPOS Expands Tap to Pay on iPhone Across Europe Read more
- Finnovex Unveils 2026 Global Chapters: A Strategic Multi-Continent Expansion to Redefine Financial Ecosystems Read more
- Devonshire Underwriting Announces Strategic Hire with Appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe Read more
- U.S. Retail Crypto Derivatives Traders Show Greater Focus on Liquidation Risk Read more
- Wakam UK and Principal Insurance Team Up to Tackle UK Motorcycle Insurance Market Read more
myPOS Expands Tap to Pay on iPhone Across Europe
European fintech myPOS continues to expand its payment services across the continent, launching Tap to Pay on iPhone in Romania and Slovakia today. With the addition of these two markets, Tap to Pay on iPhone is now available through the myPOS Glass app in a total of 15 European markets, including the UK, France and Germany, enabling merchants to accept contactless payments directly on their smartphones.
Finnovex Unveils 2026 Global Chapters: A Strategic Multi-Continent Expansion to Redefine Financial Ecosystems
The globally recognised Finnovex Global Series 2026 proudly announces 10 powerful, high-impact chapters across Africa, the Middle East, Europe, and Southeast Asia. Marking the most expansive and strategically connected series in the platform’s history.
Devonshire Underwriting Announces Strategic Hire with Appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe
Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is delighted to announce the appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe, marking a significant milestone as the business makes its first overseas hire. Based in Madrid, Liria will lead Devonshire’s Southern European strategy and underwriting execution, with primary responsibility for Spain, France, Italy and Portugal.
U.S. Retail Crypto Derivatives Traders Show Greater Focus on Liquidation Risk
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Wakam UK and Principal Insurance Team Up to Tackle UK Motorcycle Insurance Market
Wakam UK has announced its entry into the UK motorcycle insurance market, partnering with specialist intermediary Principal Insurance
Aon Announces First Stablecoin Insurance Premium Payment
Aon announced the first known stablecoin insurance premium payment among major global brokers, using trusted U.S. dollar-backed stablecoins
NOTO Recognized as a Market Disruptor in the Chartis Financial Crime and Compliance50
NOTO has been recognized as a Market Disruptor in the Chartis Financial Crime and Compliance50 (FCC50)
myPOS Expands Tap to Pay on iPhone Across Europe
European fintech myPOS continues to expand its payment services across the continent, launching Tap to Pay on iPhone in Romania and Slovakia today. With the addition of these two markets, Tap to Pay on iPhone is now available through the myPOS Glass app in a total of 15 European markets, including the UK, France and Germany, enabling merchants to accept contactless payments directly on their smartphones.
Finnovex Unveils 2026 Global Chapters: A Strategic Multi-Continent Expansion to Redefine Financial Ecosystems
The globally recognised Finnovex Global Series 2026 proudly announces 10 powerful, high-impact chapters across Africa, the Middle East, Europe, and Southeast Asia. Marking the most expansive and strategically connected series in the platform’s history.
Devonshire Underwriting Announces Strategic Hire with Appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe
Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is delighted to announce the appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe, marking a significant milestone as the business makes its first overseas hire. Based in Madrid, Liria will lead Devonshire’s Southern European strategy and underwriting execution, with primary responsibility for Spain, France, Italy and Portugal.
U.S. Retail Crypto Derivatives Traders Show Greater Focus on Liquidation Risk
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Wakam UK and Principal Insurance Team Up to Tackle UK Motorcycle Insurance Market
Wakam UK has announced its entry into the UK motorcycle insurance market, partnering with specialist intermediary Principal Insurance
Aon Announces First Stablecoin Insurance Premium Payment
Aon announced the first known stablecoin insurance premium payment among major global brokers, using trusted U.S. dollar-backed stablecoins
NOTO Recognized as a Market Disruptor in the Chartis Financial Crime and Compliance50
NOTO has been recognized as a Market Disruptor in the Chartis Financial Crime and Compliance50 (FCC50)