Although the client is based in the US, they have European subsidiaries which include the UK and therefore required Financial Conduct Authority (FCA) registration. In order to obtain registration as a crypto asset firm in the U.K. they had to comply with specific FCA requirements.
Crypto & Digital Assets
Financial Crime Framework Review and Enhancement
A review was required to assess whether the client's financial crime framework was fit for purpose and aligned with the Financial Conduct Authority (FCA) regulatory requirements to register and operate as a crypto asset firm in the UK. This called for a maturity assessment to depict the current state of a firm's controls and their level of regulatory compliance. It also benchmarks and tests against a firm's existing standards, global standards, and most importantly, against regulatory expectations.
Lysis provided the client with a detailed report that contained the findings of the review. They conducted a gap analysis against the firm's current approach to AML and current regulatory requirements which allowed the firm to gain a detailed and independent understanding of its AML governance framework and FCA requirements to register and operate in the UK. Consequently, with the support from Lysis, the crypto asset firm obtained full registration with the FCA to operate as a crypto asset firm in the UK.
An international institutional digital assets firm offering stablecoin-based cross-border brokerage services engaged Lysis Advisory to support its UK FCA registration under the Money Laundering Regulations (MLRs). The firm operates a multi-jurisdictional, technology-driven brokerage model providing access to deep cryptoasset liquidity for corporate and professional clients. Lysis was selected due to its strong track record of successful FCA applications and its ability to deliver a tailored regulatory framework aligned with current FCA expectations and adaptable to the upcoming FSMA-style regime.
A U.K. Branch of a major Asian bank needed an in-depth review and enhancement of their AML governance framework. Lysis conducted a success review and drafted all required policies & procedures, and established a KYC Target Operating model.
The merger of two global investment banks required the implementation of a single client onboarding firm structure and alignment of systems and procedure to a single global policy.
