UK Crypto Company From 0

Type of activities - Virtual asset exchange, storage and operating as crypto ATM services.

Crypto businesses operating in the UK must comply with stringent AML/CFT regulations, overseen by the Financial Conduct Authority (FCA).

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

1. The amount up to which you are not obliged to perform Customer Due Diligence measures without establishing a business relationship

Article 27.
(1) A relevant person must apply customer due diligence measures if the person (this does not apply to virtual assets, there is no such amount for virtual assets)—
(b)carries out an occasional transaction that amounts to a transfer of funds within the meaning of Article 3.9 of the funds transfer regulation exceeding 1,000 euros;

2. Data to be collected under Standard Due Diligence measures (related to individuals)
Article 28.
(2) The relevant person must—
(a) identify the customer unless the identity of that customer is known to, and has been verified by, the relevant person;
(b) verify the customer’s identity unless the customer’s identity has already been verified by the relevant person; and
(c) assess, and where appropriate obtain information on, the purpose and intended nature of the business relationship or occasional transaction.
(4) Subject to paragraph (5), where the customer is beneficially owned by another person, the relevant person must—
(a) identify the beneficial owner;
(b) take reasonable measures to verify the identity of the beneficial owner so that the relevant person is satisfied that it knows who the beneficial owner is; and
(c) if the beneficial owner is a legal person, trust, company, foundation or similar legal arrangement take reasonable measures to understand the ownership and control structure of that legal person, trust, company, foundation or similar legal arrangement.