FCA annual financial crime reporting obligation extended to a wider range of firms,
26/04/2021
On 31 March 2021, the Financial Conduct Authority (FCA) published policy statement PS21/4
PS21/4 extends the annual financial crime reporting obligation to a wider range of firms, including cryptoasset businesses.
Starting from 30 March 2022, more firms will need to submit the annual ‘REP-CRIM’ financial crime report.
It is expected that the number of relevant entities with reporting obligations will increase approximately from 2,500 to 7,000 (of the approximately 22,000 businesses the FCA oversees).
REP-CRIM is designed to
- Provide the FCA with information on a range of indicators that reflect the potential money laundering risks that a firm may be exposed to and based on the regulated activity it undertakes.
The Policy Statement brings into scope of the relevant reporting obligations cryptoasset businesses which are regulated under the Money Laundering Regulations 2017 (MLRs), namely
- Cryptoasset exchange providers and custodian wallet providers.
These businesses also need to register with the FCA to undertake cryptoasset activity in the UK from 10 January 2021.
The FCA clarified that cryptoasset businesses are not required to submit the sanctions-specific information set out in section 4 of REP-CRIM, but they may choose to do so voluntarily.
Also the fraud-related questions under section 5 also remain voluntary - as it does for all firms submitting REP-CRIM.
Cryptoasset firms that will be brought into the scope of REP-CRIM for the first time will need to start preparations to submit the return when it is due.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.