The UK Treasury has unveiled a draft amendment to its anti-money laundering regulations, targeting cryptocurrency firms with stricter compliance requirements. The Financial Conduct Authority (FCA) will implement a more comprehensive "fit and proper" test for company controllers, replacing the existing beneficial ownership test. Additionally, the threshold for mandatory control change notifications will be reduced from 25% to 10%, obligating any entity acquiring 10% or more of shares or significant influence to notify the FCA.
UK Treasury Proposes Stricter AML Rules for Crypto Firms
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