A UK-based consultancy specialising in financial crime has warned that many e-money firms “have areas for improvement” in how they approach anti-money laundering requirements.
Greg Atkins, a consultant at Bovill, said he has noted financial crime-related issues within the sector, and as authorities pay ever closer attention to e-money recommended firms should “carry out a full review of their financial crime systems and controls against the relevant legal and regulatory requirements”.
Weaknesses he has seen include insufficient explanation of the purpose of e-money accounts and how the account will be funded, resulting in “a difficult basis for firms to understand whether transactions are in line with a customer’s expected activity”.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.