British regulators have seized £2 million from seven U.K. bank accounts controlled by a financial technology-based firm in London that handled money from a U.S. wire fraud scheme. QPay Europe Limited, which presents itself as a fintech startup that processes payments in various currencies, agreed to forfeit the funds from the bank accounts pursuant to an order granted by Westminster Magistrates Court in London, the U.K. Financial Conduct Authority disclosed in a statement Thursday. The FCA first petitioned the court to freeze the funds in October and December 2020 after determining that they derived from a conspiracy to commit wire...
The U.K. Financial Conduct Authority announced that QPay Europe Limited consented to account forfeiture orders totaling £2 million following proceedings brought under the Proceeds of Crime Act.
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