FinTechPeer-to-peer digital pay agency ePayments is to shut down after it was suspended due to issues over its anti-money laundering controls.
Visitors to the London firm’s web site are greeted with the message: “ePayments has determined to shut the enterprise. All prospects are requested to take their funds as quickly as potential.”
ePayments, an digital cash establishment targeted on on-line funds for the online marketing business, was pressured to droop operations in 2020 by regulator the Financial Conduct Authority. This left prospects unable to switch, deal, withdraw, deposit funds or use their ePayments playing cards.
In December 2021 it claimed it was prepared to “re-open for enterprise” following funding from its shareholders. However it should now start an “orderly, solvent wind-down”, in accordance to an announcement on its web site.
“As you can be conscious, the enterprise has been closed for the previous three years after our regulator recognized some weaknesses in our monetary crime controls,” the assertion continued. “We have over this era been working laborious to guarantee these are up to the required customary, however in these extraordinarily difficult and unprecedented world financial circumstances, and with the enterprise being restricted for such an prolonged interval we will now not maintain the enterprise to construct again to what the FCA require and a ‘enterprise as standard’ state.”
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It says it should now focus fully on offering prospects with refunds and dealing by the method of closing accounts.
“Your funds with us stay in safeguarded accounts. The FCA is conscious of our choice and this communication,” the corporate mentioned.
“As we shut the enterprise over the approaching months we encourage these with funds of their e-Wallets to withdraw these funds, and people not at the moment open for refunds to provide any required info required for us to open the refund for you.”
Some customers on social media claimed to have funds locked up in accounts.
The firm had claimed to have greater than 1,000,000 customers. Its workforce was beforehand concerned with a crypto change referred to as Digital Securities Exchange (DSX).
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https://businesscloud.co.uk/news/epayments-to-shutter-following-anti-money-laundering-suspension/