In February 2020, ePayments Systems Ltd, an electronic money institution focused on online payments for the affiliate marketing industry, suspended its operations over lapses in its anti-money-laundering procedures.
ePayments, which claims to have signed one million users, said the UK’s financial regulator, the Financial Conduct Authority (FCA), had forced it to freeze all of its customer accounts and banned new account openings “until remedial action has been undertaken to the satisfaction of the FCA.”
The regulator told ePayments Systems to stop everything until it had put in place stricter checks to make sure its services weren’t cleaning cash for criminals. Since then, customers have been unable to transfer, deal, withdraw, deposit funds or use their ePayments cards.
In September 2020, ePayments sent its customers the following message:
“We are pleased to announce that we are now in a position to start the process of updating our customer records. This process is an important step toward allowing us to start enabling you to access the funds inside your ePayments account in the future.”
What will change in ePayments?
- ePayment will offer digital authentication processes, such as biometric technology. What is allowed and prohibited under the new cryptocurrency law?
- The way individuals can make payments and get paid will change. 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, alternative payment methods, and pre-paid cards.
- ePayments will no longer offer access to cryptocurrency. What you can and what you cannot in the new cryptocurrency law?
ePayments will soon be in contact with each customer to make sure that the information they hold on their customers is accurate and up-to-date.