Crypto firms, wealth management companies, and retail and wholesale banking remain “particularly vulnerable” to financial crime, according to a U.K. Treasury report.
Crypto firms were among those with the “greatest risk” of being exploited for money laundering, according to the United Kingdom’s top financial regulator.
In a May 1 report, the U.K. Treasury concluded from data provided by the Financial Conduct Authority (FCA) that crypto-asset companies were among the top four kinds of firms that remained “particularly vulnerable” to financial crime, particularly for cases of money laundering between 2022 and 2023.
Crypto firms were listed alongside retail banking, wholesale banking, and wealth management companies.