ICAEW provide guidance on anti-money laundering considerations for Crypto assets

Released 06 September 2019

The Institute of Chartered Accountants in England and Wales (ICAEW) has released Crypto-assets: anti-money laundering guidance for accountants.

The guidance provides a summary of the key basic terms around the topic including:

Digital currency;

Crypto-assets;

Cryptocurrencies;

Blockchain/Distributed Ledger Technology;

Token;

Mixers;

Initial Coin Offering;

Security token offering;

Custodian wallet provider;

Cryptocurrency exchange platform; and

Miner.

The guidance then sets out a number of considerations for accountants, including six questions that the ICAEW accountants should ask before acting and a flow diagram to understand the risks.

Interest and concern is growing in the area of cryptocurrencies and Croner-i has published a range of content on the subject. Recently Mark Wearden MSc FCCA FCIS wrote an article for us entitled How should cryptocurrencies be accounted for?

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