E-money firm placed into special administration over FCA’s financial crime concerns

Having imposed restrictions on Euro Exchange Securities UK, the FCA has succeeded in closing the payments firm after London’s High Court approved the FCA’s application to appoint administrators for the firm.

The FCA said it took action after lengthy engagement over serious concerns about financial crime risks, such as money laundering, in the way the firm was operating. “The risk of payment ​firms being used by criminals to launder cash to ​fund ⁠other offences is significant, which is why they must meet expected standards,” said Matthew Long, the FCA’s director of payments and digital assets.

Joint special administrators Duncan Perring and James Bennett of Teneo Financial Advisory, who were provisionally appointed on 4 June, have had their positions confirmed following a hearing on 11 June where the court placed the firm into special administration.