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<p>HM Treasury and the UK regulatory authorities have proactively engaged with the
financial services sector, including representatives of cryptoasset businesses, electronic
money institutions and payment services providers, to ensure that the implications
of the Russia sanctions are understood.</p><p> </p><p>Under the UK’s Money Laundering
Regulations, cryptoasset businesses, electronic money institutions and payment service
providers, such as Skrill, are expected to apply risk-sensitive customer due diligence
measures in order to identify and verify the customer and understand the purpose behind
their transactions, when considering the services they provide to current or potential
customers.</p><p> </p><p>This includes checking that the customer is not subject to
sanctions, and does not intend to use the services for criminal purposes, including
assisting others in the evasion of sanctions. Risk assessments by firms must also
include consideration of geographical risk factors, including the country where the
customer is resident.</p>
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