Laura WilesThe FCA has issued a first supervisory notice to electronic money institution (EMI) BeAccount Ltd, imposing restrictions on its business activities due to concerns the firm no longer meets, or is unlikely to meet, the conditions for authorisation under the EMRs.
Specifically, the FCA has identified serious concerns around the firm’s operational effectiveness and adequacy required to be able to monitor, manage and report the risk of its business being used to facilitate financial crime.
The notice was issued on 17 December 2025. As a result of the notice, BeAccount was required to:
- Refrain from carrying out any e-money services for which it is authorised without prior consent from the FCA;
- Return all relevant funds as soon as practicable;
- By 24 December, write to all customers notifying them of the imposition and effect of the restrictions; and
- Secure and preserve all records relating to e-money services.