London-based electronic payment company, ePayment Systems Ltd., recently announced its decision to permanently close its doors after the Financial Conduct Authority identified weaknesses in the company’s financial crime controls in 2020. EPayments issued a statement explaining that, while the business had been closed for the past three years, it worked hard over to ensure that the company’s crime controls were up to the FCA’s required standards. However, the company determined that it was not able to “build back” to the standard that the FCA required due to the “extremely challenging and unprecedented global economic conditions, and with the business being restricted for such an extended period.”
In its statement, ePayments indicated that the company is now focusing on the process of closing customer accounts and providing refunds. EPayments also reported that the FCA was aware of the decision to close and its public statement, and assured customers that their funds remain in safeguarded accounts. EPayments also encouraged customers with funds in their eWallets to withdraw their funds and urged anyone who encountered difficulties with the refund process to contact them for assistance. EPayments also intends to release additional information about the wind-down process in the weeks ahead.