A crypto asset custodian based in the U.K. with global reach 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. Due to the holding company’s strong global footprint, part of the FCA requirements for registration included the need for a UK based money laundering reporting officer (MLRO).
Crypto & Digital Assets
A crypto asset custodian based in the U.K. with global reach.
A regulatory requirement to have expert crypto MLRO support.
On-going support and fulfilling the role of MLRO and the Nominated Officer. These responsibilities included being the point of escalation for all financial crime related matters, to review and take ownership of AML/CTF policies and procedures, the annual reporting and enterprise-wide risk assessment of the firm and the on-going board-level guidance on day-to-day regulatory matters.
Lysis delivered the successful risk management of AML/CTF matters for the first standalone digital asset custodian to receive approval from the UK Financial Conduct Authority (FCA) to store crypto assets.
Following a review from the Financial Conduct Authority (FCA) in 2021, and a subsequent letter from the regulator, the client had to address a number of gaps that were identified by the regulator.
Our client was setting up a new online gaming licensing authority and sought a partner to on-board licensees and to manage the on-going governance and compliance operation.
Our client was applying for Payment Services permissions from the Central Bank of Ireland and required support in defining and documenting the Governance and Compliance framework.
