{"id":30057,"date":"2024-05-02T08:29:35","date_gmt":"2024-05-02T08:29:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrency-money-laundering-risks-highlighted-by-uk-treasury\/"},"modified":"2024-05-02T08:29:35","modified_gmt":"2024-05-02T08:29:35","slug":"cryptocurrency-money-laundering-risks-highlighted-by-uk-treasury","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrency-money-laundering-risks-highlighted-by-uk-treasury\/","title":{"rendered":"Cryptocurrency Money Laundering Risks Highlighted by UK Treasury"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>The latest report from the UK Financial Conduct Authority (FCA) highlights growing concerns surrounding money laundering risks within the cryptocurrency, banking, and asset management sectors.<\/p>\n<p>According to the document titled \u201cAnti-money laundering and counter-terrorist financing,\u201d the FCA intensified its scrutiny between 2022 and 2023, employing over 50 financial crime specialists who evaluated 238 firms. Notably, a third of these assessments focused on <a href=\"https:\/\/igaming.org\/crypto\/fca-tightens-its-grip-on-crypto-promotions-in-the-uk\/\">crypto correction<\/a> businesses. The report underscores the FCA\u2019s rigorous approach, which identified significant control weaknesses among these entities, leading to many withdrawing applications or facing rejection.<\/p>\n<p><em> \u201cAs part of the FCA\u2019s risk-based approach, it applied a robust assessment process at the registration gateway for these businesses, and identified significant weaknesses in firms\u2019 controls, resulting in a large number of firms withdrawing their applications or being rejected or refused by the FCA,\u201d<\/em> noted the UK Treasury report.<\/p>\n<h2>Enforcement Actions and Non-Compliance<\/h2>\n<p>External watchdog groups, in addition to the FCA, opened 375 cases related to financial crime, with 95 investigations specifically targeting cryptocurrencies. In October 2023, the FCA publicly addressed non-compliance issues within crypto firms regarding new marketing regulations. The regulator issued 221 non-compliance warnings, pinpointing three common shortcomings. It signaled its intent to take decisive action against firms failing to adhere to regulatory standards.<\/p>\n<p>This announcement followed the enforcement of stricter marketing rules for crypto firms in the UK, mandating clarity, fairness, and accuracy in their advertising practices.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong><strong>250% Extra + $125 Free Chip!<\/strong><\/strong> <\/p>\n<p>New players only. 250% on 1st Deposit + $125 Free Chip<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/cryptocurrency-money-laundering-risks-highlighted-by-uk-treasury\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) The latest report from the UK Financial Conduct Authority (FCA) highlights growing concerns surrounding money laundering risks within the cryptocurrency, banking, and asset management sectors. According to the document titled \u201cAnti-money laundering and counter-terrorist financing,\u201d the FCA intensified its scrutiny between 2022 and 2023, employing over [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":30058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/30057"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=30057"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/30057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/30058"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=30057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=30057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=30057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}