At the end of June 2022, HM Treasury issued a final AML/CFT consultation response and provided an update on how the financial regulator has decided to approach the cryptocurrency travel rule which mandates that crypto businesses are required to share the names of both transaction senders and receivers.
The final report states that the UK government does not believe unhosted wallet transactions should be automatically viewed as higher risk and are used for legitimate purposes explaining that, "instead of requiring the collection of beneficiary and originator information for all unhosted wallet transfers, crypto businesses will only be expected to collect this information for transactions identified as posing an elevated risk of illicit finance."
Unhosted wallets are only one of the many areas discussed in this final consultation.
On July 7, join TRM Talks for a discussion with James Gillespie, Policy Advisor, Sanctions & Illicit Finance at HM Treasury and Ian Taylor, Executive Director at CryptoUK, to discuss the recent report and the UK’s regulatory approach to digital assets.
Policy Advisor, Sanctions and Illicit Finance at HM Treasury
James Gillespie is currently a policy lead at the UK's HM Treasury, covering emerging technologies.
Executive Director at CryptoUK
As Executive Director of CryptoUK (CUK), Ian leads the organisation and its strategic policy initiatives to ensure the voice of the community is heard at the policymaker level. Ian is passionate about empowering the UK to fulfil its global leadership potential in the blockchain and digital asset ecosystem.
Alongside this, Ian also oversees the secretariat for the Crypto & Digital Assets All Party Parliamentary Group, a cross-party group within Westminster that provides a forum for parliamentarians, regulators, government agencies and industry to discuss the challenges and opportunities relating to the crypto and digital asset sector.
With over 20 years of experience in capital markets and fintech, Ian holds a depth of expertise within financial markets and disruptive technologies. Prior to joining CUK, Ian was the Advisory Board Secretariat for Global Digital Finance, a leading global members association focussed on best practice development to accelerate the adoption of global standards for digital assets.
Ari Redbord (moderator)
Head of Legal and Government Affairs, TRM Labs
Ari Redbord is Head of Legal and Government Affairs at TRM Labs, a blockchain analytics company. Prior to joining TRM Labs, he served as a Senior Advisor to the Deputy Secretary and the Under Secretary for Terrorism and Financial Intelligence at the United States Department of Treasury. In this capacity, he worked with teams from the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), and other Treasury and interagency components on issues related to sanctions, the Bank Secrecy Act, cryptocurrency, and anti-money laundering strategies.
Previously, Mr. Redbord served as a Senior Assistant United States Attorney for the District of Columbia, where he investigated and prosecuted cases related to cryptocurrency, terrorist financing, sanctions evasion, export control, child exploitation and human trafficking. He has received numerous awards from FinCEN, the FBI, and the United States Attorney's Office, including the Attorney General's Award for leading an interagency task force dedicated to prosecuting those who abuse and exploit children.