CP20/17
24/08/2020
Consultation closed
23/11/2020
Policy Statement
31/03/2021
31/03/2021
PS21/4: Extension of Annual Financial Crime Reporting Obligation
This policy statement summarises our proposal to increase the number of firms who need to submit the annual financial crime report, which we refer to as ‘REP-CRIM’.
29 March 2022 update: In March 2021 we published a policy statement which will increase the number of firms required to submit our REP-CRIM regulatory return (which covers data relating to financial crime risks). This new change will take effect from 30 March 2022.
Is my firm required to submit a REP-CRIM return?
Firms we supervise under money laundering regulations such as Banks, Building Societies, Cryptoasset businesses and others fall with the scope of REP-CRIM. For more information please see our policy statement.
How and when is REP-CRIM submitted?
If you are required to submit a REP-CRIM return you will be notified through RegData and your submission will be due within 60 business days after your firm’s accounting reference date.
What we are changing
Following the consultation in August 2020, we are increasing the number of firms that need to submit a REP-CRIM return from approximately 2,500 to approximately 7,000. We based our assessment of which firms this extension will apply on our understanding of the potential money laundering risks.
This policy statement proposes that additional firms and cryptoasset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks.
Who this applies to
Firms we supervise under the Money Laundering Regulations (MLRs) such as:
- banks
- building societies
- businesses undertaking MiFID related activities
- cryptoasset businesses
Background
REP-CRIM provides us information on a range of indicators that reflect the potential money laundering risks of firms’ based on their regulated activity and helps us to supervise firms. In our 2020/21 Business Plan, we said we would consider extending the REP-CRIM reporting obligation to more firms. Reviewing our policy allows us to keep up to date with changes in legislation such as cryptoasset businesses now falling within the scope of the MLRs.
We have statutory objectives under the Financial Services and Markets Act to protect and enhancing the integrity of the UK financial system.
Next Steps
Firms that will be brought into the scope of REP-CRIM for the first time will need to be prepared to submit the return when it is due.
: Information changed consultation closed