The UK got separated from the European Union but still, attached in some respects as the government is implementing the European Union’s 5th Anti-Money Laundering Directive (5AMLD) in the country. The financial law enforcement agency, Financial Conduct Authority (FCA), posted a job, on LinkedIn, for a crypto expert to deal with 5AMLD.
The law, 5AMLD, came into effect on Jan.10 under the European Union act. An intelligence team is established by the UK’s financial watchdog to tackle and implements the 5AMLD, to deal with crypto-related cases. The team is bound to probe the money laundering and other criminal cases linked with digital assets: the regulation of digital assets.
What they Expect from Expert
While posting the job for a person with the blockchain and crypto background, they specified everything about: what he has to do and what should be criteria for applying. They also want from expert to have an experience of working in any financial sector in the past.
FCA authority of UK made the intelligence team to deal with the January 2020 law- 5AMLD- but the team was missed out of a member with expertise in the cryptocurrency and the blockchain.
For the selection, one is also bound to have a knowledge of intelligence research and will train the stakeholders-the other members of the intelligence team as well as FCA staff.
‘’You will have a great opportunity to understand intelligence processes and work, and influence the way we support the breadth and depth of the FCA remit in the new area of Crypto asset regulation and 5AMLD,’’ the watchdog mentioned.
The Financial Conduct Authority, the UK financial watchdog, has taken many important security measures to regulate the crypto and blockchain technology throughout the United Kingdom. For this, they have also permitted the various crypto-related firms and companies after strict scrutiny.
After the Brexit, on Jan.31, FCA restructured the fee structure- favorable to the small level crypto businesses. Per the new law, the fees for firms on a smaller level fixed at $2,600 while in the past, they are required to pay $6,500.