PANews reported on September 5th that, according to Decrypt, this week, the UK Treasury released draft proposals for amendments to current anti-money laundering regulations, aimed at filling gaps and addressing evolving risks, including stricter requirements for cryptocurrency businesses. The draft document stated: "This update aims to build a more risk-oriented, proportional, and robust system to resist financial crime, while ensuring that the system is practical for the industry. The government also pledged to improve industry guidance on anti-money laundering/counter-terrorist financing (AML/CTF) compliance across a range of issues and to issue separate guidance on the use of digital identity verification for AML/CTF purposes."

The new draft proposes a number of changes for cryptocurrency companies. The UK Financial Conduct Authority will implement a broader "fit and proper person" test for company controllers, replacing the current beneficial owner test to ensure that supervision can cover complex ownership structures. Other provisions will reduce the threshold for notification of changes in control from 25% to 10%, consistent with the Financial Services and Markets Act (FSMA) system. This means that any party that acquires 10% or more of the shares or has significant influence must notify the UK Financial Conduct Authority. In addition, the draft also covers revisions to customer due diligence, trust registration, agency bank restrictions, and technical updates such as converting the threshold amount from euros to pounds. The UK Treasury is soliciting feedback on the draft, with the deadline being September 30, after which the regulations will be finalized in early 2026 and submitted to Parliament for review.