Paul Hastings Advises Asset Reality on FCA Registration Under UK Money Laundering Regulations

Paul Hastings advised Asset Reality, the first single asset recovery operating system, on its successful registration with the U.K. Financial Conduct Authority (FCA) as a cryptoasset business under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

As an FCA-registered entity, Asset Reality can support U.K. law enforcement and agencies as a custodian wallet provider, helping to solve the operational and technical challenges of global seized-asset practitioners.

To achieve this significant industry milestone, Asset Reality has implemented robust anti-money laundering (AML) and counter-terrorist financing (CTF) controls, including risk management, client due diligence procedures, transaction monitoring systems and staff training program. These measures align with the FCA’s expectations for cryptoasset businesses and demonstrate Asset Reality’s dedication to maintaining the integrity of the ecosystem.

“We are delighted that Asset Reality has obtained registration with the FCA as a cryptoasset firm. The company will be a key player in the cryptoasset ecosystem and facilitate its growth,” said partner Arun Srivastava, who led Paul Hastings’ efforts. “The difficulties involved in preparing a registration application, given the complexities in the arena Asset Reality operates in, is testament to Asset Reality’s capabilities.”

The Paul Hastings team also included associate Bhavesh Panchal.

More details can be found here.

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