U.K. Regulator’s Enforcement Director to Step Down Next Year

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Mark Steward, the Financial Conduct Authority’s director of enforcement and market oversight, plans to leave next spring.

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Mr Steward also led the FCA’s oversight of publicly traded markets in the UK and the agency’s anti-scam marketing campaign.

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Prior to joining the FCA in 2015, Mr. Steward served as the Executive Director of Enforcement at the Securities and Futures Commission of Hong Kong. He previously served as Deputy Executive Director of Enforcement for the Australian Securities and Investments Commission.

FCA said it would soon begin a global search for Mr. Steward’s successor.

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Since January 2021, the FCA has acted as the Anti-Money-Laundering (AML) compliance supervisor for cryptocurrency firms in the UK. The agency has developed an “Unregistered Cryptocurrency Business List” aimed at helping consumers and authorized firms to identify firms operating crypto. Businesses but are not registered with the FCA for anti-money laundering purposes. As of Tuesday, the list had 245 entries.

Mr Steward said in a speech in March 2021 that the purpose of the listing campaign is to ensure that any transaction of funds within listed firms is properly screened for money-laundering risk.

“We know that much of the industry is dedicated to having robust systems and controls regarding AML,” he said. “Indeed, the purpose of the AML regulation is not to catch anyone, but to establish high standards of integrity and scrutiny to prevent illicit money flows into the financial system and to treat participants in the system as custodians and custodians of the public interest. To encourage money laundering.

Mengqi Sun at [email protected]

Credit: www.Businesshala.com /

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