ICAEW provide guidance on anti-money laundering considerations for Crypto assets
Released 06 September 2019
The guidance provides a summary of the key basic terms around the topic including:
•Blockchain/Distributed Ledger Technology;
•Initial Coin Offering;
•Security token offering;
•Custodian wallet provider;
•Cryptocurrency exchange platform; and
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?