UK FCA Dedicated 30% of Financial Crime Personnel to Monitor Crypto Companies in 2023

The UK’s financial watchdog dedicated nearly a third (30%) of its financial crime specialists to overseeing crypto asset businesses in 2023, according to a report released on May 1. 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. Since Jan. 2020, the FCA has been the AML watchdog for UK crypto businesses like exchanges and custodians. The FCA’s March business plan highlights its commitment to consumer protection and ensuring a fair crypto market.

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