UK FCA: Crypto Firms Posed a Threat for Money Laundering in 2022-2023

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According to the Financial Conduct Authority (FCA), crypto companies were among the four types of businesses with the highest risk of being exploited for money laundering, as stated in a report released by the UK Treasury on May 1.

The report, which analyzed data provided by the FCA, found that crypto-asset firms were especially vulnerable to financial crime between 2022 and 2023, alongside retail and wholesale banking and wealth management companies.

The FCA’s financial crime specialists also focused on supervising crypto firms, with a third of their time dedicated to these businesses.

In the stated time period, the FCA conducted 231 reviews of financial firms and an additional 375 cases related to financial crimes and sanctions.