RATE Group | One Million ePayments Accounts Frozen on FCA Orders, AML Concerns
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One Million ePayments Accounts Frozen on FCA Orders, AML Concerns

12 Feb One Million ePayments Accounts Frozen on FCA Orders, AML Concerns

Posted at 20:57h in Cryptocurrency News by

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Around one million payment accounts were frozen when the UK’s financial watchdog ordered ePayments Systems to halt its operations due to AML concerns. The payment processor was popular among traders for its crypto to fiat transfers.

ePayments Systems Halts Its Operations

One of the largest electronic money institutions in the UK has been forced to halt its operations due to increased concerns over its anti-money laundering (AML) procedures. According to a statement from the company, ePayments Systems Ltd has agreed to suspend all of its activity after a review from the Financial Conduct Authority (FCA), the top financial watchdog in the United Kingdom, identified “weaknesses that required remediation.”

The platform previously allowed users to exchange cryptocurrencies and fiat as it was closely affiliated with Digital Securities Exchange, a UK-based cryptocurrency exchange. The exchange was registered with the FCA as an agent of ePayment Systems Ltd.

ePayments targeted its…

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