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In an unprecedented action, Germany has barred Payone, the country's largest payment services provider, from handling funds for its entire, existing portfolio of high-risk clients after finding "serious deficiencies" with the company's anti-money laundering controls. The temporary ban on transactions, which Germany's Federal Financial Supervisory Authority, also known as BaFin, imposed on Payone on July 26 in tandem with a prohibition on onboarding new customers, is intended to prevent the payment service provider, or PSP, from "being misused to launder money," the agency said Thursday. Headquartered in Frankfurt, Payone processes more than €5 billion worth of transactions a year for...