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Amendment to the Proceeds of Crime Act 2015 (POCA) with regards to proceeds from token sales

16 Mar 18

HMGoG has introduced regulations making businesses that receive proceeds from token sales relevant financial businesses under POCA, with the GFSC being designated as the relevant supervisory authority. These regulations take effect from today, 16th March 2018.

The GFSC understands that it will take businesses in this new category time to implement measures such as applying customer due diligence, ongoing monitoring, record keeping, risk assessment and management, compliance management, employee screening, the establishment of policies and procedures, and training. 

We expect businesses to implement all required POCA measures by 16th May 2018.

Provided a business notifies the GFSC by 12 April 2018 that it is a relevant financial business and diligently endeavours to implement the measures by 16 May 2018 and does, in fact, do so, and provided there is no criminal intent, the GFSC will not need to take enforcement action.

The amended regulation and notification of the designation of the GFSC as the supervisory authority can be read in the following Gazette announcements:

Proceeds of Crime Act 2015  

Supplement to the Gazette

If you have any questions or would like any information, please feel free to contact us at tokenAML@gfsc.gi