ePayments to Shut down after Anti-Crime Controls Probe

UK-based electronic payments company ePayments Systems has started closing after years of being under regulatory scrutiny.

ePayments, a company which deals in prepaid cards and electronic wallets and had almost GBP 180 million (USD 211 million) in client funds at its peak, has begun the process of entering an 'orderly, solvent wind-down,' according to a statement on its website. The Financial Conduct Authority forced ePayments to freeze operations in early 2020 and the closely held firm had been working to improve its anti-crime controls since then, filings show.

Company officials stated that they can no longer sustain the business to build back to what the FCA require and a 'business as usual' state. They 'will now focus entirely on providing customers with refunds' and closing accounts.

(Source: The Paypers)