Extension of Annual Financial Crime Reporting Obligation

April 2021


Following consultation in August 2020, the FCA is increasing the number of firms that need to submit a REP-CRIM return from approximately 2,500 to approximately 7,000. Additional firms and cryptoasset businesses are being brought into scope of the return based on their business activities and the potential money laundering risks. The number of firms required to submit a REP-CRIM return will increase from approximately 2,500 to around 7,000 firms.

The change will only affect firms supervised under the Money Laundering Regulations (MLRs), which either:

General insurers and general insurance intermediaries are not subject to the MLRs and the relevant reporting rules have been drafted to apply only to firms that are subject to the MLRs.

 

 


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