Laura WilesThe FCA has imposed a restriction on Euro Exchange Securities UK requiring it to cease carrying out any regulated electronic money or payment services.
The regulator had serious concerns around the firm’s operating model, which indicated serious risks of financial crime. This included systemic weaknesses in its financial crime framework, safeguarding arrangements and ownership and governance.
On the FCA’s application, the court has also appointed Duncan Perring and James Bennett of Teneo as interim managers over the firm on 4 June. They will temporarily oversee the company’s affairs until the next court date on 11 June, where EES will have an opportunity to be heard, following which the court may lift the current order or place EES into special administration.