Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

ePayments Systems Ltd to Permanently Close its Operations Due to Insufficient AML Protocols

epayments

FCA accused ePayments Systems Ltd of AML compliance failure. The financial money institution has started the process of closing its operations. Formerly, the team behind ePayments was also indulged in a crypto exchange, called DSX.

An electronic payment service provider, ePayments Systems Ltd, is set to close its operations permanently due to the inability to establish an AML control system. The startup suspended its operations in 2020 over anti-money laundering lapses.

The company published a short note on its website about regulatory checks leading to thousands of customers’ accounts freezing. The update revealed that the Financial Conduct Authority (FCA), the UK’s financial watchdog is behind the whole scenario. 

ePayments said that FCA forced them to freeze customers’ accounts and stopped them from opening new accounts “until remedial action has been undertaken to the satisfaction of the FCA.”

The notice explained that the institution’s closure resulted from a regulatory review of anti-money laundering controls. The efforts made by the company couldn’t satisfy FCA as they point out “a number of weaknesses which require urgent remediation to ensure that customers can enjoy a safe and secure platform.”

The regulator briefed ePayments to stop its operations until it ensures that strict checks are in practice and that its service leaves no loophole for criminals to exploit the system. During the operations’ suspension period, customers could not use their ePayments cards, and they were unable to withdraw, transfer or deposit the funds.

ePayments stated that they are doing everything possible to address the current problem. Customer balances are secured in separate bank accounts, and the company is mobilizing the required resources to complete the refund process.

“In practice, this means that we will not return to full operations and will now focus entirely on providing customers with refunds and working through the process of closing your accounts as we close down the business. Your funds with us remain in safeguarded accounts. The FCA is aware of our decision and this communication,” it explains.

Suggested Read:
FATF to Blacklist Myanmar Over Money Laundering Concerns

Related Posts

News

US Officials allege student defrauded Apple as part of SIM swap attack

Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...

US Officials allege student defrauded Apple as part of SIM swap attack Explore More

News

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering

Another African country, Botswana has taken a significant step towards regulating cryptocurrency ...

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering Explore More

News

UAE adopts digital identity and blockchain to fight COVID-19

Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...

UAE adopts digital identity and blockchain to fight COVID-19 Explore More

News

IPEC to Collaborate With FIU to Improve AML Framework

IPEC to collaborate with FIU to identify terrorist financing and money laundering risks that are ...

IPEC to Collaborate With FIU to Improve AML Framework Explore More

News

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs

Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs Explore More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

News

Interpol Launches New Center to Combat Financial Crime

Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...

Interpol Launches New Center to Combat Financial Crime Explore More

News

South Korea to Crush Crypto Ignited Illicit Activities

South Korea has announced to eliminate all cryptocurrency-related illegal activities including mo...

South Korea to Crush Crypto Ignited Illicit Activities Explore More

News

FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules

The FIAU said that Southern Cross Sicav showed ‘disregard’ for its anti-money laundering obligati...

FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules Explore More

News

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks

El Salvador has become the first country to accept Bitcoin as a legal tender.  On 8 June 2021, El...

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks Explore More

News

Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach

UAE’s exchange house has weak measures to fight money laundering and terrorism financing and requ...

Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time

The actor was arrested on account of wire fraud, identity theft, securities fraud, and executing ...

Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time Explore More

News

Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules

The advocacy group in their latest comment has disregarded the proposed regulatory requirements b...

Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules Explore More

News

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

News

UN Warns of Increased Money Laundering Risk from Mekong Casinos

The UN officials claimed transnational criminal gangs are exploiting Southeast Asia’s gaming and ...

UN Warns of Increased Money Laundering Risk from Mekong Casinos Explore More

News

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

News

MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework

MONEYVAL has called upon Polish authorities to improve their regulatory framework and work on str...

MONEYVAL Urges Poland to Improve its AML/CFT Regulatory Framework Explore More

News

African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing

The African Federal Government stressed the urgent teamwork needed to combat money laundering, te...

African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing Explore More

News

US Set to Disclose New Real Estate Regulations to Combat Money Laundering

The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...

US Set to Disclose New Real Estate Regulations to Combat Money Laundering Explore More

News

Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations

The Financial Conduct Authority of the UK has imposed fines of £5.8 million on Ghana Internationa...

Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations Explore More

News

Dubai KYC consortium to enhance UAE bank profits

According to Moody’s Investors Service, the recently formed Know Your Customer (KYC) consortium i...

Dubai KYC consortium to enhance UAE bank profits Explore More

News

Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide

The International Criminal Police Organization Interpol has seized $130 million worth of virtual ...

Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide Explore More

News

FinTech in Malaysia is Improving Due to Friendly Regulations

Malaysia has taken a user-friendly approach to adapt to financial regulations as it is working to...

FinTech in Malaysia is Improving Due to Friendly Regulations Explore More

News

Kount integrates AI software for immediate identity verification

Kount, a fraud prevention firm is planning on introducing the Identity Trust Global Network for t...

Kount integrates AI software for immediate identity verification Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

German Parliament Passes Anti-Money Laundering Laws

On Thursday, the German parliament passed a draft of anti-money laundering measures to make sure ...

German Parliament Passes Anti-Money Laundering Laws Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

“Pension Fraud Hits £1.8 Million so far in 2021”, National Reporting Centre

National Reporting Centre for fraud and cybercrime has reported £1.8 million has already been los...

“Pension Fraud Hits £1.8 Million so far in 2021”, National Reporting Centre Explore More

News

Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders

Domestic account holders of Nigeria will be able to access the funds in their accounts without hi...

Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders Explore More

News

Sydney’s ‘Mini Casino’ Venues Suspected for Money Laundering

Sydney’s 10 “mini-casino” poker venues have been suspected of money laundering activities. Accord...

Sydney’s ‘Mini Casino’ Venues  Suspected for Money Laundering Explore More

News

Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case

Federal prosecutors in Switzerland are seeking compensation of $45 million in the Credit Suisse m...

Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case Explore More

News

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021

FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...

FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021 Explore More

News

FATF Issues New BO Requirements to Address Pandora Papers

While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

FATF Issues New BO Requirements to Address Pandora Papers Explore More

News

Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations

Boylesports, an online gambling operation is facing £ 2.8 million in fines for violating the regu...

Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations Explore More

News

Europe Bolsters Fight Against Financial Crime with AMLA Formation

The European Parliament (EP) and European Union (EU) council teams have agreed to create the Euro...

Europe Bolsters Fight Against Financial Crime with AMLA Formation Explore More

News

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List

Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List Explore More

News

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

News

SFC Finalizes Consultation Conclusions on AML Guidelines

Updated AML/CFT guidelines are expected to come into effect from 30 September 2021, except for th...

SFC Finalizes Consultation Conclusions on AML Guidelines Explore More

News

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

News

ePayments Systems Ltd to Permanently Close its Operations Due to Insufficient AML Protocols

FCA accused ePayments Systems Ltd of AML compliance failure. The financial money institution has ...

ePayments Systems Ltd to Permanently Close its Operations Due to Insufficient AML Protocols Explore More

News

HKMA Reveals Phishing Fraud Went Up by 145% in 2021

Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.  Hon...

HKMA Reveals Phishing Fraud Went Up by 145% in 2021 Explore More

News

Europol Convicts Israel-France Gang on $40 Million Money Laundering Plot

Europol’s joint investigation with French authorities has led to the dismantling of a Franco-Isra...

Europol Convicts Israel-France Gang on $40 Million Money Laundering Plot Explore More

News

Nepal Approves Anti-Money Laundering Bill to Comply with International Standards

Nepal endorsed an anti-money laundering bill as the initial step to combat financial crime and en...

Nepal Approves Anti-Money Laundering Bill to Comply with International Standards Explore More

News

FCA Spends $650K to Beef up its AML Control for the Crypto Industry

FCA spends $670,000 on training cryptocurrency exchange staff along with strengthening AML requir...

FCA Spends $650K to Beef up its AML Control for the Crypto Industry Explore More

News

Over a Million T-Mobile Customers Affected By a Data Breach

T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

Over a Million T-Mobile Customers Affected By a Data Breach Explore More

News

FinTech and InsureTech Booms in Israel as $120M Raised for Investments

FinTLV, a fund based in Tel Aviv, has announced that it has collected $120 million worth of funds...

FinTech and InsureTech Booms in Israel as $120M Raised for Investments Explore More

News

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’

A small business lobbying group has sued the Treasury Department over asking more than 30 million...

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’ Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans

US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans Explore More

News

National Audit Office Plans to Review FCA’s Responsibilities

The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

National Audit Office Plans to Review FCA’s Responsibilities Explore More

News

Latin America’s Private Investment Funds at Risk of Money Laundering

Private investment funds are exposed to money laundering as they contain a number of structural r...

Latin America’s Private Investment Funds at Risk of Money Laundering Explore More

News

Chinese Tech Groups Shaping UN Facial Recognition Standards

Leaked documents reveal that Chinese tech giants are developing the United Nations’ standards for...

Chinese Tech Groups Shaping UN Facial Recognition Standards Explore More

News

FATF Publishes Two New Updates on Global ML/TF Risks

FATF, the international group that makes global Anti-Money Laundering and Countering Terrorism Fi...

FATF Publishes Two New Updates on Global ML/TF Risks Explore More

News

EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions

The European Banking Authority (EBA) published findings on money laundering and terrorism financi...

EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions Explore More

News

South Africa Enforces New Rules to Transfer Funds Abroad

The South African Revenue Service (SARS) has made regulatory changes to transfer funds overseas, ...

South Africa Enforces New Rules to Transfer Funds Abroad Explore More

News

Largest Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations

Banco de Occidente, Columbia’s largest banking cooperation Grupo Aval owned by one of the richest...

Largest  Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations Explore More

News

Visa: CBDC is the most important trend in payments

According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of ...

Visa: CBDC is the most important trend in payments Explore More

News

Six Men Arrested in Hong Kong for US$22.4 Million in Fraud

Hong Kong police crackdown on a crime syndicate and arrest six people involved in money launderin...

Six Men Arrested in Hong Kong for US$22.4 Million in Fraud Explore More

News

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding Explore More

News

“Real Estate Is Critical To Money Laundering”, Says BSP

The Governor of BSP bank emphasized the urgent need for brokers to guard real estate against mone...

“Real Estate Is Critical To Money Laundering”, Says BSP Explore More

News

CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

News

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass

With 2 infected players infiltrating the entire stadium, many are fearing the spread of COVID-19 ...

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass Explore More

News

COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees

A 20-year-old man arrested for being a part of Covid-19 certificate fraud. Many GGD employees are...

COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees Explore More

News

Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion

A group of 22 individuals were arrested by authorities in Macau and HK for suspicions of being in...

Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion Explore More

News

Taiwan Bans Four Foreign Banks for Breaching FX Regulations

The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...

Taiwan Bans Four Foreign Banks for Breaching FX Regulations Explore More

News

NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network

The National Crime Agency has found a forfeiture order for 15 gold bars that are worth £650,000. ...

NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network Explore More

News

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

News

Canada loses millions in online scams

According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

Canada loses millions in online scams Explore More

News

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector

Nine crypto exchange platforms formed a group to create an industry association to regulate Taiwa...

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector Explore More

News

FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules

The FIAU said that Southern Cross Sicav showed ‘disregard’ for its anti-money laundering obligati...

FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules Explore More

News

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started