The U.K.’s Financial Conduct Authority wants more types of firms to report suspected financial crimes. At present, only 11% of the 23,000 firms it regulates under a 2017 anti-money-laundering rule do so.
Photo: chris helgren/ReutersA U.K. regulator is proposing to expand an annual financial crime reporting requirement to a wider set of companies, including cryptocurrency exchanges and custodian wallet providers.
The Financial Conduct Authority, in a consultation paper published this week, proposed extending its requirements to provide firm-specific information about suspected financial crime to companies that conduct regulated activities that could pose higher money-laundering risks.
Roughly 11% of the 23,000 companies the FCA supervises under a 2017 anti-money-laundering law submit such information about potential financial-crime risks, the regulator said.
The FCA currently assesses whether companies need to comply with the reporting requirement based on the type of firms, such as banks and mortgage lenders, or the types of activities the firms conduct, such as issuing money electronically or offering consumer credit.
The proposal would expand the reporting requirements to companies including authorized financial services firms that hold client money or assets, electronic money institutions, crypto asset exchange providers, and custodian wallet providers.
The additional information provided by a wider range of companies across different sectors and firm sizes would help the FCA focus its resources on companies whose activities may pose potentially higher money-laundering risks, the regulator said.
The FCA said it thinks the proposed requirement would also improve companies’ money-laundering systems and controls and help strengthen the U.K. financial system’s integrity.
The agency is seeking comments on the proposal though Nov. 23 and said it would publish final rules by early 2021.
Write to Mengqi Sun at mengqi.sun@wsj.com
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