• Ameis Regulatory Services

On March 31, UK's Financial Conduct Authority announced the extension of the Annual Financial Crime Reporting Obligation (REP-CRIM) to encompass approximately 4,500 additional firms, including cryptoasset businesses that should "be brought into scope of the return based on their business activities and the potential money laundering risks".


The Policy Statement PS21/4, first published in July 2016, introduced an annual financial crime reporting obligation for certain firms. The FCA consulted stakeholders in August 2020 on the proposal to increase the number of firms that were required to submit the return on their business activities and ML related risks by bringing into scope firms such as cryptoasset businesses.


  • As per section 1.6 of the Policy, all impacted firms, including cryptoasset exchange providers and custodian wallet providers, will be required to provide the FCA with REP-CRIM information irrespective of total annual revenue. Furthermore, the policy clairifies that a cryptoasset business is not required to submit sanction-specific information however, a cryptoasset business may choose to do so voluntarily. Moreover, fraud questions remain voluntary as it does for all firms submitting REP-CRIM.



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