Financial Conduct Authority

"Dear CEO..."

"Dear CEO..."

Financial institutions have been warned by the Financial conduct Authority ("FCA") in their Dear CEO" letter (11 June 2018) that they should enhance their inspection and scrutiny of clients trading Cryptocurrencies (any electronic medium of exchange) or they may be "facilitating financial crimes". 

The key themes here are training, compliance and due diligence - the FCA observing that, "this class of product can also be abused because it offers potential anonymity and the ability to move money between countries...You should take reasonable and proportionate measures to lessen the risk of your firm facilitating financial crimes which are enabled by cryptoassets". 

The FCA's full letter can be found here

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