Crypto firms, alongside retail banking, wholesale banking and wealth management, posed the greatest risk of being exploited for money laundering between 2022 and 2023.
The U.K. police said it had crypto tactical advisors stationed across the country to help seize digital assets attached to crime in October 2022, managing to seize hundreds of millions worth of crypto.
Between 2022 and 2023, there were the equivalent of 52.8 full-time financial crime specialist employees dedicated to anti-money laundering supervision at the FCA, with 15.8 focusing on supervising crypto businesses.
Wider supervisory teams opened 95 cases in relation to crypto-assets during the reporting period, reflecting increased efforts to tackle money laundering risks in the crypto sector.
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