Cryptocurrency

FCA zones in on crypto transfers in money laundering crackdown

So-called Travel Rule will force digital asset firms to check international transfers

Friday 18 August 2023 at 12:45

Firms told to 'take all reasonable steps to comply'
Firms told to 'take all reasonable steps to comply' Photo: Alamy

The UK's markets watchdog continues to crack down on money laundering, with crypto firms doing international transfers the latest to be put under the spotlight.

The so-called Travel Rule comes into force on 1 September, requiring crypto firms in the UK to collect, verify and share information about where funds come from and who the beneficiaries are.