Strengthening Crypto Compliance
The CryptoUK Financial Crime Working Group is dedicated to addressing key financial crime challenges and opportunities within the crypto industry. Through regular discussions, the group explores best practices, regulatory compliance, and risk mitigation strategies, potentially forming sub-groups to tackle specific issues. Key focus areas include sanctions compliance, KYC processes, blockchain investigations, governance, transaction monitoring, and data quality. By fostering collaboration and industry alignment, the group aims to enhance financial crime prevention and build trust in the evolving digital asset ecosystem.
Working Group Lead
Sarah Tomalewicz
UK Head of Compliance and MLRO
Bullish
Primary Objectives
Enhance Sanctions Compliance & Screening
Develop and share best practices for effective sanctions monitoring and risk mitigation.
Optimise Customer Onboarding & KYC Processes
Identify common challenges and standardise industry solutions for robust KYC and due diligence.
Improve Blockchain Alert Investigations
Establish clear frameworks for investigating blockchain-based financial crime alerts.
Strengthen Financial Crime Governance
Promote governance best practices to ensure compliance and risk oversight within firms.
Refine Transaction Monitoring Frameworks
Advance monitoring methodologies to detect suspicious activities effectively.
Enhance Data Quality & Integrity
Develop standards for data accuracy and completeness to support financial crime prevention.
Encourage Industry Collaboration
Facilitate knowledge-sharing and coordinated responses to emerging financial crime threats.
Support Regulatory Alignment
Engage with policymakers to help shape effective, balanced regulations for crypto-related financial crime compliance.
Drive Innovation in Risk Mitigation
Explore new technologies and methodologies to enhance financial crime detection and prevention.
Recent publications from our working groups
CryptoUK Supports Call for Urgent Reform of Crypto and Digital Asset Taxation to Foster UK Innovation
CryptoUK welcomes the letter presented by member firm and UK tax thought leader, Recap and its CEO, Dan Howitt, to […]
CryptoUK and Members Respond to House of Lords Special Public Bill Committee – Call for Evidence on the Property (Digital Assets etc) Bill
CryptoUK (“we”, “our”) and its members welcome the opportunity to provide evidence to the Special Public Bill Committee on the […]
CryptoUK Responds to HMT Call for Evidence on a Financial Services Growth and Competitiveness Strategy
CryptoUK welcomes the opportunity to respond to the Call for Evidence on a growth and competitiveness strategy for the UK’s […]
CryptoUK and Members Respond to the House of Lords Inquiry into the Secondary International Competitiveness and Growth Objectives for the FCA & PRA
CryptoUK (“we”) and its members welcome the opportunity to comment on the Call for Evidence – Inquiry into the secondary […]
CryptoUK and Members Respond to the Bank of England “Approach to Innovations in Money and Payments” Discussion Paper
CryptoUK (“CUK”, “we”) and its members welcome the opportunity to comment on the Discussion Paper regarding the Bank of England’s […]
CryptoUK and Members Autumn Budget 2024 Stakeholder Representation – 10 September 2024.
Introduction In anticipation of your forthcoming Autumn Statement 2024, CryptoUK would like to offer perspectives that reflect the interests of […]
CryptoUK and members respond to the HMT consultation on improving the effectiveness of the Money Laundering Regulations.
CryptoUK (“CUK”, “we”) and our members welcome the opportunity to comment on possible improvements to the effectiveness of the Money […]
CryptoUK and members respond to the Bank of England and the Financial Conduct Authority joint consultation on proposals to implement and operate the Digital Securities Sandbox(DSS).
The Bank of England’s (the “Bank”) and the Financial Conduct Authority’s (“FCA”) (collectively, the “Regulators”) joint consultation paper (“Consultation Paper”) […]
CryptoUK and members respond to HMRC Consultation: UK implementation of the OECD Crypto asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard (CRS2)
His Majesty’s Revenue and Customs (HMRC) consultation document (condoc) consults on the UK’s implementation of the OECD’s Cryptoasset Reporting Framework […]
CryptoUK’s Travel Rule Working Group Responds to the FATF’s Recommendation 16 on Payment Transparency
CryptoUK (“CUK”, “we”) and its members welcome the opportunity to comment on the FATF’s ‘Explanatory Memorandum and Draft Revisions to […]
Ready to participate?
CryptoUK’s Financial Crime Working Group brings together industry leaders to collaborate with regulators, law enforcement, and policymakers on developing robust compliance standards and best practices. As a member, you’ll contribute to shaping policies that enhance security, transparency, and trust in the UK’s crypto and digital asset sector. Enquire about joining the working group and help drive responsible innovation in financial crime prevention.