E-money firms ‘generally effective’ at fighting financial crime says FCA

PaymentsCompliance spoke to Bovill’s Greg Atkins about the FCA’s thematic review of the e-money sector. The review, which involved visiting 13 e-money institutions (EMIs) in the UK, praised the sector for having effective controls in place to fight anti money laundering and terrorist financing.

Greg gave an outline of the review, commenting that the regulator “has now clearly set out what it does and doesn’t expect from the sector in terms of good and bad practice from a financial crime perspective”.

Greg also commented that the review could have an impact on another important aspect of e-money firms’ operations, which have previously been labelled as high risk: access to banking services.

“It is easier for firms’ banks to hold them to account now as clear financial crime standards for e-money firms have been articulated by the FCA. But then, conversely, it’s good from a firm’s perspective to understand more clearly what they can reasonably be expected to get a bank account or maintain one.”

Click here to read the full article (subscription required).

July 17, 2018 John Basquill

Copyright © PaymentsCompliance 2018. All rights reserved.

Menu