FCA turns down Zeux Limited’s application for registration as cryptoasset exchange provider

FCA turns down Zeux Limited’s application for registration as cryptoasset exchange provider

The UK Financial Conduct Authority (FCA) has nixed Zeux Limited’s attempt to secure registration as a cryptoasset exchange provider.

The application, submitted in June 2022, showed that the firm had failed to implement anti-money laundering controls and carry out effective risk management.

The anti-money laundering controls put forward by Zeux Limited fell well short of legislative requirements. Registration of the firm would have posed a significant risk of harm to the public.

The application showed:

  • Failure to understand, identify and document risks.
  • Failure to consider the National Risk Assessment, which sets out key money laundering and terrorist financing risks in the UK.
  • Customer risk assessment enhanced due diligence and suspicious activity reporting (SAR) failures.

These points are critical for mitigating the risks of money laundering, terrorist financing and sanctions…
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