FCA Investigating Two E-Money Firms For Money Laundering Breaches

Two investigations into possible breaches of the UK’s money laundering regulations are underway at electronic money institutions, PaymentsCompliance can reveal.

No investigations under the Money Laundering Regulations (MLRs) into e-money firms have concluded in the past year and two are currently underway, the Financial Conduct Authority (FCA) said last week in response to a freedom of information (FOI) request.

There are 160 firms authorised as e-money institutions (EMIs) in the UK, including well-known providers such as Airbnb, Revolut, Stripe, TransferWise and Travelex. The FCA did not name the two firms currently under investigation.

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