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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