• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • TWS, Singapore (July 28-29, 2025)
    • WFIS, Philippines (September 23-24, 2025)
    • Forex Expo Dubai (October 6-7, 2025)
    • Merge Madrid (October 7-9, 2025)
    • European Blockchain Convention, Barcelona (October 15-17, 2025)
    • Blockchain Futurist Conference, Florida (November 5-6, 2025)
    • WFIS, Indonesia (November 25-26, 2025)
  • Past Events
    • Blockchain Life
    • BlockShow Europe
    • Event Horizon

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Join us on Telegram: https://t.me/crypto_reporter
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

Crypto Wild West: 85% of UK crypto firms fail to meet minimum FCA standards

February 6, 2023 By Crypto Reporter PR

Around 85% of crypto-asset firms who applied to the Financial Conduct Authority (FCA) were unable to demonstrate they met the minimum standards required for registration under its anti-money laundering and counter-terrorist financing regime.

The Treasury Committee report states that the FCA found that key personnel lacked the appropriate knowledge, skills and experience to carry out their roles and control risks effectively. In a small number of cases, the financial regulator actually identified likely financial crime or direct links to organised crime, and referred the firms to law enforcement agencies.

Commenting on the statistic, Martin Cheek, managing director of leading anti-money laundering software platform SmartSearch, said: “This worrying statistic shows why the FCA must continue to take a robust stance on crypto-asset firms and exchanges that look to operate within the UK.

“The cryptocurrency industry must meet the compliance requirements of the 5th Anti-Money Laundering Directive by integrating digital compliance solutions with their own technology. As well as meeting the FCA’s requirements, this would certainly give crypto investors greater peace of mind.

“Cryptocurrency can provide a vehicle for money laundering and a front for some of the world’s worst crimes – people trafficking, tax dodging, sanctions evasion, and international corruption and its victims are often the poorest and most vulnerable in society.

“Keeping the user safe from financial crimes is paramount. By adopting cutting-edge electronic verification (EV), a crypto exchange or wallet provider can check the identity of a user, safeguard assets, and enforce accountability.

“Common practices such as requesting an ID document are no longer sufficient. Not only do they not meet KYC and AML standards, but they can also leave the door open for the exploitation of identity theft.

“EV is a technology advancement that the digital asset industry cannot ignore to manage their compliance responsibilities moving forward.”

Filed Under: Press Releases

Primary Sidebar

Follow Us

Press Releases

Shiba Inu (SHIB) and Little Pepe (LILPEPE) Are Both Aiming for $1, But One Might Take Decades to Get There. Here’s Which One

July 13, 2025

Solana Prepares for Breakout, Polkadot Gains 5%, While BlockchainFX Pays $25K in Daily Rewards: Best Cryptos to Buy This Week

July 13, 2025

Analysts Name 4 Top Cryptos to Buy Today: BlockchainFX, Qubetics, Binance Coin, and Dogecoin

July 13, 2025

Little Pepe (LILPEPE) Momentum Impresses, But Bitcoin (BTC) Needs to Hold This Level to Continue Uptrend Toward $118,000

July 12, 2025

How To Turn $100 into $100k With This New Crypto Presale! Why Solana and Chainlink Whales Are Jumping Ship!

July 12, 2025

TWS Conference

Forex Expo Dubai

Merge Madrid

Futurist Conference

Footer

Crypto Reporter is an online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2025 Crypto Reporter