The UK-based financial regulatory organization, Financial Conduct Authority, or FCA has halted the operations of a million customer accounts operating on the renowned electronic money institution, EPayments Systems Ltd. The stringent decision of the guarding organization is a direct result of FCA’s anti-money-laundering procedures.
With a view to keep its customers informed about the proceedings, EPayments has given an official short statement on its website as well as has sent emails to its wide customer base. Apart from the suspension of operations of one million customers, FCA has also banned EPayments from opening new accounts for its customers. Though, the firm has been allowed to offer an array of services including issuance of virtual accounts with IBAN, prepaid cards service, payments processing, issuance of e-money, management of electronic money wallets across the European Union since its initial launch.
The EPayments customers will be allowed to transfer, deal, withdraw, or deposit funds. Though they will not be able to use the services of their EPayments cards.
Following discussions with the FCA, ePayments has agreed to suspend activity on customer accounts until remedial action has been undertaken to the satisfaction of the FCA.
The FCA has been following a strict attitude towards the security parameters of cryptocurrencies. Last month it was reported that the organization has presently established itself as the UK’s only AML authoritative institution.