Skip to content

News

FCA goes to tender for cryptoassets forensics provider

FCA Consumer Duty
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

The UK’s Financial Conduct Authority has gone to tender for a third party blockchain data analytics provider.

The value of the contract is £0.5 million over a two-year period, with the option of an extension for a further 24 months.

The FCA has come under fire recently for its plodding approach to approving cryptoasset businesses, having assumed responsibility earlier this year for overseeing AML controls at firms operating in the UK.

“As the supervisor of in scope cryptoasset activity in the UK, the FCA requires access to specialist services to support the analysis of cryptoasset blockchain data,” the tender offfer states. “The FCA is seeking the services of a third-party firm specializing in this area who can provide access to a platform that can support the robust and efficient analysis of cryptoasset blockchain data and provide training and ongoing support in the use of this platform.”

Technology providers should be able to use cryptoasset blockchain data to identify and respond to risk and support the development of intelligence and enforcement investigations.

The deadline for applications is mid-day 12 December.

Source: Finextra
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Related Posts

HM Treasury Updates High-Risk Third Countries List

HM Treasury updates high-risk third countries list: immediate actions for firms

On 5th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from the Financial Action Task Force (FATF). These changes demand immediate
Read More >
A guide to navigating skilled person reviews

A guide to navigating skilled person reviews

The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns within financial institutions. Recent data reveals a significant uptick in
Read More >