On Feb. 11, ePayments Systems Ltd, a United Kingdom-regulated electronic money institution, suspended all online payment activity at the request of the Financial Conduct Authority, the local regulator. Upon “agreeing” with the watchdog, ePayments froze all of its customers’ accounts, blocked their prepaid cards, and banned new account openings “until remedial action has been undertaken to the satisfaction of the FCA.”
According to the customer notice published shortly after the incident, the decision to halt business was made after a regulatory review of the company’s Anti-Money Laundering systems. During the inspection, the FCA reportedly identified “a number of weaknesses which require urgent remediation to ensure that customers can enjoy a safe and secure platform.”
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