A recent UK Treasury report identified cryptocurrencycurrencies as a top risk factor for money laundering.
The FCA discovered that cryptocurrency companies failed to tighten anti-money laundering measures, resulting in large-scale application withdrawals and rejections. Regulators identified numerous new incidents of financial crime, many of which included cryptocurrencycurrencies.
Despite the publication of a report titled “Anti-money laundering and counter-terrorist financing,” which highlighted the UK Financial Conduct Authority’s (FCA) oversight of cryptocurrency firms, the UK’s cryptocurrencycurrency sector’s regulatory landscape remains plagued by a lack of regulatory clarity and distinct guidelines.
According to research, the UK money laundering situation caused by cryptocurrencycurrency is becoming more severe than anticipated. The FCA has given warnings to digital asset companies for violating marketing regulations and is prepared to take tough disciplinary action.
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