News

More than a third of the 275 licensed electronic money institutions in Britain display factors that place them at risk for illicit finance, such as having owners with checkered pasts and actively pursuing high-risk foreign clients, an anti-corruption advocacy group has found. Transparency International U.K. warned Tuesday that despite these risks and the growing share of payments that EMIs now handle at home and overseas, British regulators have largely failed to vet them and their owners and directors as thoroughly as they have those of banks and other traditional financial institutions. Wise, Allpay, Circle, Revolut and other EMIs in Britain...