U.K. officials plan to bring cryptocurrency firms, including third-party exchanges as well as peer-to-peer platforms, under anti-money laundering standards "significantly beyond" those mandated by the European Union. In a 58-page report published Monday, the Cryptoasset Taskforce, which consists of officials from HM Treasury, the Financial Conduct Authority and the Bank of England, outlines proposed rules for the sector following a six-month review of the vulnerability of Bitcoin, Ripple, Monero and other cryptocurrencies to money launderers, fraudsters and cybercriminals. "The government is developing a robust regulatory response which will address these risks by going significantly beyond the requirements set out in...
An intergovernmental group that grades efforts by nations to combat money laundering and terrorist funding through banks and other traditional financial institutions plans to revise its standards to more clearly cover cryptocurrency firms as well.
The Financial Action Task Force expects to finalize and publish uniform anti-money laundering standards for cryptocurrencies next month amid suspicion that terrorist organizations may increasingly turn to digital assets to fund their operations, the group's president said Wednesday.
Banks in the United Kingdom should enhance scrutiny of clients who derive “significant business activities or revenues” from dealings linked to cryptocurrencies to reduce their exposure to money launderers, according to U.K. financial regulators.