ePayments Froze Customers’ Accounts

money laundry

The British payment processor ePayments has temporarily suspended its business operations and frozen its customers’ balances. The worrying step was taken as part of an investigation into money laundering. So far, it is unclear if and when ePayments will return to normal business operations.

Customers and partners of the London-based company ePayments are alarmed. The financial company has blocked its customers’ credit balances and is not processing any transactions. The following message can be read on the payment processor’s website:

We write to inform you that in accordance with paragraph 12.1 (j) of our standard terms and conditions, we have unfortunately taken the hard decision to suspend activity on customer accounts, effective from today. During the course of this suspension customers will be unable to transfer, deal, withdraw or deposit funds and will be unable to use their ePayments cards.

We know this will be a very frustrating time for our customers. We apologize for any inconvenience caused and are working tirelessly with the FCA to ensure improvements are made and accounts can be reactivated as soon as possible. During this improvement process, we want to assure customers that their funds are being safeguarded as normal.

Following a review by the Financial Conduct Authority (FCA) of ePayments Systems Limited’s anti-money laundering systems and controls, a number of weaknesses have been identified which require urgent remediation to ensure that our customers can enjoy a safe and secure platform.

Following discussions with the FCA, ePayments has agreed to suspend activity on customer accounts until remedial action has been undertaken to the satisfaction of the FCA.

You can access the company’s website here. According to ePayments customers can get in touch with the support team of the company.


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