UK FCA proposes tighter checks on transfers from self-custodied crypto wallets

The UK Financial Conduct Authority is pushing to strengthen enhanced due diligence procedures for transactions involving self-custodied crypto wallets managed directly by individuals, CryptoSlate reported. The FCA released a proposed revision to its financial crime guidance, CP26/38, on Oct. 23 and is accepting feedback through Dec. 24. Under the proposal, when cryptocurrency is transferred from a personal wallet to a UK financial firm, the receiving firm would be encouraged as a best practice to scrutinize the transaction more closely. The guidance would not be legally binding.

Source: Coinness