Information on Cryptoassets
In January 2020, regulations were introduced requiring any firm carrying out cryptoasset activity in the UK to register with the Financial Conduct Authority (FCA). Under these regulations, the FCA supervises how such firms manage the risk of money laundering and terrorist financing.
On 24th March 2022, the FCA issued an instruction setting out the responsibilities of financial institutions, including banks, that do business with cryptoasset firms. In compliance with this instruction, C. Hoare & Co. has set in place the following measures:
- Customers, when joining the bank and at regular account reviews, will be asked for details of cryptocurrency holdings, and the name(s) of cryptocurrency exchanges used.
- Transactions will be screened for payments to or from unregistered cryptoasset firms. Such payments will be held and the bank will contact the customer to discuss the matter, as we are unlikely to be able to complete the transaction.
The FCA’s guidance can be viewed in full here. If you have any questions, or would like further information about the bank’s position on cryptoassets (including ‘cryptocurrencies’ such as Bitcoin and Litecoin), please contact your relationship manager. As always, they will be pleased to help.