News

The U.K. Financial Conduct Authority in recent months has increasingly used its authority to severely restrict and even fully halt financial institutions deemed to have substandard anti-money laundering controls from conducting transactions. EPayments Systems Limited, an electronic money institution in London that allegedly caters to companies in the adult entertainment, product promotion and cryptocurrency sectors and also counts around 1 million individuals as clients, disclosed in February 2020 that the FCA had ordered it to suspend all activity until it eliminated weaknesses in its AML program. The FCA more frequently imposes lighter restrictions on financial institutions, including temporary bans from...