- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2021-06-22T15:34:00
The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.
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Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
The CEO of cryptocurrency platform Binance touted the company’s growing commitment to compliance after one of its units was banned from operating in the United Kingdom.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
