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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