Regulatory Alerts2020-08-21
Added · Updated
PS21/4: Extension of Annual Financial Crime Reporting Obligation
The Financial Conduct Authority extends the Annual Financial Crime Report (REP-CRIM) obligation to approximately 7,000 firms, up from 2,500, by removing the previous annual revenue threshold for certain high-risk activities. The new rules require cryptoasset exchange and custodian wallet providers, all electronic money institutions, all multilateral and organised trading facilities, and most payment institutions to submit the return, while excluding general insurance firms and home finance mediation activities. The instrument comes into force on 30 March 2022, with newly covered firms required to submit their first REP-CRIM within 60 business days after their first Accounting Reference Date falling after that date.
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