UK Regulator Orders ePayments to Suspend Users' Accounts
Main page News, Fintech

Payment processing service ePayments has frozen all transactions on its clients' accounts at the request of the Financial Conduct Authority (FCA), the UK's regulator. The company has said on an email sent to its users:

"Following a review by the Financial Conduct Authority ('FCA') of ePayments Systems Limited's ('ePayments') anti-money laundering systems and controls, a number of weaknesses have been identified which require urgent remediation to ensure that our customers can enjoy a safe and secure platform."

From now on, all transactions with both accounts and cards are suspended. ePayments has reported:

"We know this will be a very frustrating time for our customers. We apologize for any inconvenience caused and are working tirelessly with the FCA to ensure improvements are made and accounts can be reactivated as soon as possible. During this improvement process, we want to assure customers that their funds are being safeguarded as normal."

ePayments required its customers to meet standard verification requirements in order to access its services. ePayments Systems Ltd is a licensed money transfer company based in the UK. It is licensed to open IBAN accounts, issue prepaid cards for individuals, businesses and online merchants.

The platform is used by freelancers, webmasters as well as crypto users.

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