Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what guidance the Financial Conduct Authority provided on cryptocurrency payments to domestic Politically Exposed Persons.

The Financial Conduct Authority publishes guidance on the requirements of the Money Laundering Regulations (MLRs) with regard to politically exposed persons (PEPs). The MLRs require financial institutions, including FCA registered cryptoasset exchange providers and custodian wallet providers, to apply enhanced customer due diligence measures and enhanced ongoing monitoring to all customers who are PEPs. This includes taking adequate measures to establish the source of wealth and source of funds which are involved in the proposed business relationship or transactions with that person.