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Crypto Firms in the UK Must Submit Annual Financial Crime Reports to the FCA
Crypto firms in the UK must submit annual financial crime reports to the FCA. Following the consultation in August 2020, we are increasing the number of firms that need to submit a REP-CRIM return from approximately 2,500 to approximately 7,000. We based our assessment of which firms this extension will apply on our understanding of the potential money laundering risks. This policy statement summarises our proposal to increase the number of firms who need to submit the annual financial crime report, which we refer to as ‘REP-CRIM’. What is being proposed is that additional firms and cryptoasset businesses should be brought into the scope of the return based on their business activities and the potential money laundering risks.
Firms we supervise under the Money Laundering Regulations (MLRs) such as banks, building societies, businesses undertaking MiFID related activities, and cryptoasset businesses.
REP-CRIM provides us information on a range of indicators that reflect the potential money laundering risks of firms’ based on their regulated activity and helps us to supervise firms. In our 2020/21 Business Plan, we said we would consider extending the REP-CRIM reporting obligation to more firms. Reviewing our policy allows us to keep up to date with changes in legislation such as cryptoasset businesses now falling within the scope of the MLRs.
We have statutory objectives under the Financial Services and Markets Act to protect and enhancing the integrity of the UK financial system.
Firms that will be brought into the scope of REP-CRIM for the first time will need to be prepared to submit the return when it is due.
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CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
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SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.
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