Regulatory Alerts2022-08-16
G10-2022 Supervisory Guidelines on Preventing Unlawful Activities
The Prudential Authority has issued supervisory guidelines requiring banks and controlling companies to implement robust, board-approved anti-money laundering and counter-terrorist financing controls specifically targeting crypto assets and their service providers. Institutions must adopt a risk-based approach to categorize clients, conduct enhanced due diligence for higher-risk exposures, and maintain comprehensive transaction monitoring without resorting to wholesale de-risking. The guidelines further mandate documented risk assessments, ongoing policy updates aligned with technological developments, and formal auditor acknowledgment to ensure continuous regulatory compliance.
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