ePayments Systems Ltd, a troubled electronic money institution processing online payments, has decided to resume operations after it was forced by the United Kingdom’s Financial Conduct Authority (FCA) to take down its services earlier this year.
In a recent blog post, the company announced that it is now working on updating its compliance systems and controls as it is planning to resume its services, but with some cuts. The platform will no longer ‘offer access to cryptocurrency’.
“We are pleased to announce that we are now in a position to start the process of updating our customers’ records,” ePayments noted. “This process is an important step toward allowing us to start enabling you to access the funds inside your ePayments account in the future.”
Operating in a Risky Territory
ePaymets received the UK regulator’s authorization in 2015 and soon became a popular payment processing platform serving a risky set of clientele, including companies in cryptocurrencies, foreign exchange, the adult industry, and many more.
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It claimed to have over 1 million accounts and issued 75,000 debit cards. The regulatory filings also show that it profited 23.2 million in 2019.
The operations of the platform were halted in February 2020 as its license was suspended by the FCA over lapses in its anti-money-laundering procedures. This further led to the freezing of the bank accounts where ePayments’ of customers’ funds were held.
Despite many speculations in the industry, the exact reason for the crackdown on the company is not known yet.
In the recent update, ePayments highlighted that it has redesigned its entire working approach and enhanced the account monitoring.
“We’ll be changing the way that individuals can make payments and get paid,” the blog post added. “Individuals will only be able to get paid by companies and will only be able to send money to their own account. The available payments channels will remain with bank wire, bank card, and alternative payment methods. You’ll also still be able to use your pre-paid card.”