The Financial Conduct Authority (FCA), U.K.’s top financial watchdog, has advised banks to adopt appropriate measures to minimize the risks and exposure inherent in the cryptocurrency business. This advice was contained in a recent letter sent by the FCA to the CEOs of local U.K. banks.
Robust KYC Protocols
The FCA encouraged banks to be more thorough in their know-your-customer (KYC) activities. The financial monitoring agency urged banks to be especially watchful of clients who earn considerable revenue from the market, saying: