UK FCA Dedicated 30% of Financial Crime Personnel to Monitor Crypto Companies in 2023 The Financial Conduct Authority (FCA) said it conducted risk assessments across various sectors and identified retail banking, wholesale banking,
wealth management, and crypto-asset firms as especially susceptible to financial crime in 2023. These sectors were deemed the most at risk of being misused for money
laundering activities.
In its fight against financial crime, the FCA’s team of specialists conducted a significant
number of reviews. This included 231 in-depth analyses
(desk-based reviews) and seven on-site visits. Additionally, other supervisory teams within the
FCA identified 375 potential cases, with 95 specifically
linked to crypto assets. Also, the regulator extended a key survey –
called REP CRIM – to crypto businesses in April 2022. This comprehensive survey gathers information on
anti-money laundering (AML) controls implemented by these firms. Data obtained through REP-CRIM, along with other intelligence reports, allows the regulator to pinpoint risks more effectively and tailor their supervisory
actions accordingly.
