EPayments Suspends Service After UK Regulator Audit

The ePayments payment system, popular in the CIS, suspended its work this Tuesday after a check by the British regulator. The accounts of thousands of clients were frozen. On its website, ePayments published a short statement referring to a request from the UK Financial Conduct Authority (FCA).

“The decision was made after an FCA audit of ePayments’ anti-money laundering systems, during which deficiencies were identified that required elimination,” the company writes..

In addition to freelancers and webmasters, who are attracted to ePayments by the possibility of withdrawing funds through the company’s own plastic card, the target audience of the service are users of cryptocurrencies who convert them through third-party exchangers.

“We understand that our customers can be extremely upset,” the company writes. – We apologize for any inconvenience caused and continue to work tirelessly with FCA to implement improvements and re-establish account service as soon as possible. We want to assure our clients that during this process their assets will remain safe, as always “.

It is not clear what exactly prompted the British regulator to resort to such proactive measures. In the past, ePayments had standard identification requirements for such services for its customers. EPayments Systems Ltd is a UK licensed money transfer agency. The company has permissions to open IBAN accounts, issue prepaid cards for individuals, businesses and online merchants.

EPayments might have been attracted by the team’s connection to the Digital Securities Exchange (DSX), which also had standard identification requirements for its customers. ePayments Systems named DSX as its Official Agent in 2015.

Events are developing against the backdrop of the entry into force of the EU’s Fifth Anti-Money Laundering Directive (AMLD5), which has already forced a number of crypto companies to close down or move to more friendly jurisdictions.

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