The UK’s leading financial regulator, the Financial Conduct Authority (FCA), wants to hire a specialist with a cryptocurrency background.
In particular, the FCA is looking for an intelligence association with crypto expertise to tackle digital assets under the EU’s 5th Anti-Money Laundering Directive, the regulator said in a LinkedIn job opening on February. 6.
Also known as 5AMLD, the new law came into effect on January 10 and represents a major effort to tackle money laundering and terrorist financing throughout Europe, as previously reported.
While the United Kingdom finally left the EU on January 31, its government still needs to pay particular attention to the recently enforced EU cryptocurrency legislation. As such, the FCA wants to hire a cryptocurrency expert for its core function team – the intelligence team, which has been responsible since January 2020 for the 5 AMLD regulation of the crypto-asset sector.
According to the vacancy, the main responsibilities of the position include intelligence support for monitoring and enforcement, as well as processing applications for financial services companies in the UK.
The FCA has been very active in crypto space because the regulator has approved the activities of large crypto companies and has carefully investigated the industry. In July 2019, the FCA announced that it would not regulate the two top cryptocurrencies, Bitcoin (BTC) and Ether (ETH).
The latest FCA action on 5AMLD comes after the agency was officially announced on January 10 that it will oversee compliance with anti-money laundering practices by cryptocurrency-related companies in the country. As recently reported, the FCA plans to enforce a much stricter set of rules for crypto companies.