UK E-Money Firms Urged To Improve Financial Crime Controls

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”.

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