A crypto asset business, a subsidiary of a US Nasdaq-listed company requested assistance with the process to obtain FCA registration. Lysis provided the client with a highly experienced MLRO and compliance team who worked with senior management to implement required controls and processes. The client was successful in obtaining FCA registration.
Crypto/ Digital Assets
A crypto asset business obtains registration with the Financial Conduct Authority
The crypto asset business is a subsidiary of a Nasdaq-listed company in the United States.
The client approached Lysis with the request to assist them with the process to obtain registration from the FCA which would enable them to operate in the UK market as a crypto asset business.
Lysis provided the client with a highly experienced MLRO and compliance team that worked with the senior management of the business to implement all required controls and processes. Regarding specific requirements from the client, the responsibilities of the MLRO included the flagging and escalation of suspicious transactions, assisting management to compile the anti-money laundering (AML) framework and ensuring that the customer screening controls, as part of the Know Your Customer (KYC) process, were effective. The MLRO further engaged with the FCA, on behalf of the client, to ensure that all documentation for the registration process were in line with requirements. We often find that one of the biggest challenges for businesses, when they expand their footprint to other countries, is to comply with regulatory requirements in other jurisdictions simply because of the different requirements of these regulators. From a consulting perspective, the MLRO that Lysis provided assisted the business with identifying the risk, assessing the risk, and building a bespoke financial crime framework in line with their specific requirements. The MLRO also reviewed the risk rating methodology to ensure that mitigation was aligned to the level of risk. From an operational perspective our team worked with the senior management team of the business to implement effective controls and procedures linked to KYC and transaction monitoring.
With the assistance of the MLRO that Lysis provided, the client successfully obtained FCA registration to operate in the UK as a crypto asset business.
The client is incorporated in Ireland as an Irish Collective Asset-management Vehicle (ICAV). The client is an American investment fund which specialises in lending large amounts of money to various entities ranging from listed entities to unregulated entities based in the USA.
A UK-crypto asset subsidiary of a Nasdaq-listed firm in the U.S. has a requirement to review their anti-money laundering (AML) policy framework and idetify possible gaps in line with FCA requirements.
A major bank with two major trading entities wished to decrease time-to-trade processing overheads for new customers and for new products for existing customers.