This article was prepared with the assistance of AI tools and reviewed by our editorial team. It is provided for informational purposes and may not reflect all details of the original reporting.
The UK government has proposed sweeping updates to its anti-money laundering regulations, specifically targeting crypto businesses with stricter oversight. Key changes include lowering the change-in-control threshold to 10% and expanding fit-and-proper tests for company controllers. These measures aim to address evolving financial crime risks in the digital asset space.
- Lowers change-in-control notification threshold from 25% to 10% for crypto firms, requiring FCA approval for smaller acquisitions
- Replaces beneficial owner test with broader 'fit and proper' assessment for company controllers to address complex ownership structures
- Includes technical updates such as converting financial thresholds from euros to sterling and enhanced correspondent banking restrictions
📎 Source reference: decrypt.co
Other Tags: Financial Conduct Authority (FCA)