Pressure Builds On E-Money Sector As UK And EU Review Criminal Use

The UK’s Financial Conduct Authority (FCA) is carrying out "diagnostic work" on money laundering and terrorist financing in the e-money sector, and European authorities are being urged to follow suit.

The regulator announced the review on Monday as part of its business plan for 2018/19, and aims to publish its findings later this year.

“This is important because if e-money firms have ineffective systems and controls this could undermine confidence and participation in e-money services and the integrity of the financial system,” it said.

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