The FCA, via the High Court, has just placed Euro Exchange Securities UK Ltd (EES) into special administration, which sees it cease to trade with immediate effect. This is the first of its kind for the FCA, as it continues to look at how to use its powers to the fullest extent to protect consumers and the integrity of the market, particularly in relation to financial crime.
The FCA took this course of action after lengthy engagement with the firm and due to serious concerns about how EES operated its business, which indicated a significant financial crime risk.
The FCA considers that the risk of payment firms being used by criminals to launder cash to fund other offences is significant, and therefore there is a high burden on such payment firms when it comes to meeting expected AML standards. The FCA reiterated that fighting financial crime is at the heart of its strategy, which means using its powers to the fullest extent.
Here at Brighter Consultancy, we have in-depth experience helping payment firms meet expected standards. Whether that be related to governance, KYC processes, onboarding, systems and controls, documentation, remediation at pace, screening, staff training, or transaction monitoring. We have worked alongside entrepreneurial management in the Payment world, have worked with Skilled Persons supporting Payment firms, and have been part of the engagement process with the FCA.
If you have any hesitation about your answer regarding AML readiness and capability, or about how you would fare were the FCA to turn up to conduct an inspection visit focused on your financial crime systems and controls, do reach out in confidence. You do not want to be the next Payments firm on the FCA radar for immediate closure. Having acted as an interim CEO of a payments firm in this situation and having used Brighter Consultancy to support the “getting it right” process, we are uniquely positioned to help.