Hey! Now this is something! ePayments Systems Ltd, a GB-authorized electronic money institution, suspended online payment operations because of the FCA’s anti-money-laundering procedures. ePayments released a short statement on their website and sent out emails to its customers to give a few details on the FCA’s regulatory checks. This regulation has frozen ePayments one million user accounts and has banned new account openings. Ouch! Here’s what ePayments had to say:
On the February 11, 2020 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts. This decision was taken following a review, by the FCA, of ePayments anti-money laundering systems and controls, which identified weakness that required remediation.
We know this will be a very frustrating time for our customers. We apologise 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.
We all know them, love them, been using their services for years, but now they are on ice. The FCA has allowed ePayments to provide services including issuing virtual accounts with IBAN, prepaid cards, processing payments, issuing e-money and handling electronic money wallets throughout the European Union since its initial launch. Yet, with the current ban, customers will be unable to transfer, deal, withdraw or deposit funds and will be unable to use their ePayments cards. You must understand that, while this lasts, we are unable to make ePayments payouts. Nobody can. In the mean time, we could make payouts with other options such as: ePayService, TransferWise, WebMoney, ACH, Wire and Check. Let’s hope ePayments gets back on track ASAP. We all know the benefits of it. Please contact your affiliate manager to update your payout details. Should you have further comments or concerns, feel free to contact us.
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