Understanding 5MLD
Cryptoasset businesses that carry out exchange and custody activities have needed to comply with Money Laundering Regulations (MLRs) since the 10th of January 2020, irrespective of whether they are currently authorised by/registered with the FCA for some other financial services or not. Cryptoasset firms must apply to be registered with the FCA if they want to undertake any cryptoasset activity and must be registered with the FCA before they can carry out that activity.
We have a factsheet that explains the activities in the scope of the MLRs, provides an explanation of the documentation that is required for a successful FCA registration, and offers an idea of timescales for those firms that wish to seek registration.
DOWNLOAD FACTSHEET SUBMIT AN ENQUIRY
A guide to successful FCA applications for cryptoasset firms
The FCA is currently applying tough standards at the application gateway for cryptoasset firms, with applications for registration being rejected in cases where they do not include the key components which are required by the FCA to carry out their assessment. Applications are also being rejected due to the poor quality of the information submitted, as this is an indication to the FCA, of the applicant firm not being “ready, willing and organised”.
To address this, the FCA published some feedback on what constitutes a good quality application versus a poor quality application. This whitepaper offers a deeper review of the feedback in the context of the different stages of an application and requirements, to provide a valuable insight as to what is required to increase the chances of submitting a successful application to the FCA.
DOWNLOAD THE WHITEPAPER HERE
How can we support you?
If you are looking for support with your registration, we would love to hear from you. Our cryptoasset experts and compliance professionals are well-suited to support you through the registration process and help you to provide certain cryptoasset services by way of business in the United Kingdom. We can help you to prepare your registration application or review an application which you have already written. Our experts can support you with answering any questions that the FCA may raise following your application, helping you to ensure that you meet FCA expectations.
Registration under the MLRs is a legal requirement to carry on business, not doing so will mean that you are trading unlawfully. If you require support with the process, contact us to speak with one of our experts.
Why choose Cosegic?
Our 360 degree perspective of regulatory affairs
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Our 360 degree perspective of regulatory affairs
Our wide range of financial sector experts come together on a regular basis to discuss their interactions with the FCA and the regulatory trends that they are seeing, providing us with a more informed understanding of the FCA than our competitors.
Direct, proportionate advice
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Direct, proportionate advice
Our unique perspective means we really do have our fingers on the pulse of regulation, which helps us to ensure that the advice we offer is practical, helpful and directly proportionate to our clients’ needs.
Our understanding of the role of compliance in firms
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Our understanding of the role of compliance in firms
We have watched the evolution of compliance over the past twenty years and understand that compliance must now become a core part of how financial services carry out their businesses in order for them to be successful.
Compliance confidence for visionary growth
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Compliance confidence for visionary growth
In recognising this, our services have been built in a way that can help you navigate regulation ensuring you will keep your vision and objectives intact. Our breadth of experience allows us to balance your business objectives with your compliance requirements.
