Mark Steward, who led the enforcement of crypto anti-money laundering (AML) rules, has resigned from the FCA.
Blockchain and its primary product cryptocurrencies are opening the doors of a new era in finance and banking. The rapid growth of this development has the potential to revolutionize the field of global banking and finance, as well as the risk that bad actors will mislead investors. The UK Financial Conduct Authority (FCA) also began acting as the supervisory body for anti-money laundering compliance for crypto firms in the country in 2021.
FCA Resigns as Chief of Crypto AML
The chief of the FCA’s cryptocurrency laundering division, who recently elected a new digital asset head, has stepped down.
The FCA announced today that Mark Steward is stepping down from his role as executive director of enforcement and market surveillance. There was no information on who will replace Steward.
FCA is currently seeking ways to foster regulated innovation through programs such as Regulatory Sandbox, a testing ground for fintech offerings, and Innovative Pathways, a stepping stone for innovative financial products. It is anticipated that the process will slow down a bit until a new name is assigned after the separation.
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