UK Finance Watchdog Recruiting Crypto Experts To Circumvent Money Laundering and Terrorism: Report

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A financial regulator in the United Kingdom is looking for crypto experts to assist in identifying illegal activities.

The Financial Conduct Authority (FCA) recently published a tender notice seeking consultants to access a blockchain analytics platform to help counter money laundering and terrorism.

“Under these regulations in scope crypto-asset firms are required to establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorist financing.”

The FCA is seeking a third-party firm specializing in blockchain data analysis to work under the financial regulatory body.

“As the supervisor of in scope crypto-asset activity in the UK, the FCA requires access to specialist services to support the analysis of crypto-asset blockchain data. 

The FCA is seeking the services of a third-party firm specializing in this area that can provide access to a platform that can support the robust and efficient analysis of crypto-asset blockchain data and provide training and ongoing support in the use of this platform.”

Specifically, the FCA is looking for a firm that can supervise, analyze, identify, and mitigate potential risks.

“The FCA seeks a blockchain analysis solution which enhances our capability to:

  • Perform analysis of crypto-asset blockchain data associated with in-scope crypto-asset activity.
  • Identify and respond to risks identified through the analysis of crypto-asset blockchain data.
  • Use crypto-asset blockchain data to support the effective supervision of in scope crypto-asset activity, to support the development of intelligence and enforcement investigations as required.”

The tender notice, posted to the Financial Conduct Authority’s website on November 15, is still an open opportunity for potential contractors.

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Featured Image: Shutterstock/Fatboy29Basic/Natalia Siiatovskaia

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