UK Financial Regulators Talk Sanctions Compliance for Cryptoassets in Joint Statement
The U.K.'s financial regulatory authorities released a joint statement on sanctions relating to the "cryptoasset sector," to aid compliance with the recent waves of sanctions on Russia and Belarus following their invasion of Ukraine. The statement from the Office of…
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Financial Sanctions Implementation and the Financial Conduct Authority lays out steps to reduce sanctions risk on crypto assets. The authorities' recommendations include "updating business-wide and customer risk assessments," making sure due diligence processes root out customers who use corporations to hide the source of funds, ensuring that customers are screened against updated sanctions lists, identifying activity not in line with standard customer profile, educating compliance teams on how blockchain analytics must be screened, and engaging with public-private partnerships and private-private partnerships to gain insights on the "latest typologies and additional controls that might be relevant and share their own best practice examples."