A Million EPayments Accounts Frozen due to FCA's AML procedures

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arbusers
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A Million EPayments Accounts Frozen due to FCA's AML procedures
« on: February 12, 2020, 08:08:14 AM »
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Attention: This is not to be confused with Skrill, Neteller, ecoPayz or any other e-wallet.

EPayments Systems Ltd, a UK-licensed electronic money institution, suspended all online payment operations since February the 11th 2010, due to FCA’s anti-money-laundering (AML) procedures and checks.
EPayments has released a short statement and has sent out emails to its customers to inform them of the FCA’s regulatory checks. This regulation has frozen approximately one million user accounts and has banned new account openings.

The statement on ePayments website is the following:

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.

It remains to be seen what are the implications with any other e-wallet or payment institution.
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dealer wins
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #1 on: February 12, 2020, 10:56:54 AM »
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Wouldnt have thought Skrill and Neteller will be affected, as their procedures for ID and AML are overkill to say the least!
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campeones
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #2 on: February 12, 2020, 07:16:38 PM »
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Epayments is sending/receiving moneys to/from ewallets.
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ilovethisforum
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #3 on: February 16, 2020, 08:08:26 AM »
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These news has to do with crypto currencies transactions. Epayment's owner has a crypto currencies exchange platform in which you could send/receive money from your Epayments wallet instantly. At some point the banking partner of Epayments, starting to request a lot of documents in order to find the source of funds. Because banking officials do not understand the crypto currencies transactions and because they cannot easily track all the transfers, they just decided that it was to much effort for too little gain. So, they stop working with Epayments and that is why Epayments closed so much accounts. All of these accounts was the ones that was trading with their exchange. 2 days ago i received an email saying that they have changed their banking partner. Let's see how long it will last!
« Last Edit: February 16, 2020, 08:10:34 AM by ilovethisforum » Logged
arbusers
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #4 on: February 16, 2020, 10:58:03 AM »
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This is great info, thank you ilovethisforum. Do you know the name of the platform?
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ilovethisforum
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #5 on: February 16, 2020, 02:18:32 PM »
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This is great info, thank you ilovethisforum. Do you know the name of the platform?

Yes, the crypto currency exchange is DSX .uk
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Camma23
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #6 on: March 28, 2020, 10:45:52 AM »
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any update about ePayments? we all still have our accounts frozen...for more than a month
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geetz
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Re: A Million EPayments Accounts Frozen due to FCA's AML procedures
« Reply #7 on: March 29, 2020, 12:31:03 PM »
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I have a fek K frozen as well. We will see how this ends, but not giving too many chances..
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