Electronic money institution EPayments suspends online payment business due to regulatory restrictions

According to Cointelegraph, the UK's authorised e-money agency EPayments Systems Ltd must suspend online payments under the UK's Financial Conduct Authority's (AML) procedures. EPayments posted a short statement on its website and emailed its customers with some details of the FCA's regulatory inspections. The provision freezes ePayments' 1 million user accounts and prohibits opening new accounts. Since its launch, FCA has allowed EPayments to provide services across the EU, including the use of IBAN to issue virtual accounts, prepaid cards, process payments, issue electronic money, and process electronic money wallets. However, under the current ban, customers will not be able to transfer, trade, withdraw or deposit funds, nor will they be able to use their EPayments card.