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ePayments is gone!

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dimar

New member
Hello everyone,
I recently heard rumors that ePayments is going to lose it's license soon, and clients withdrawing their money in hurry. Does anyone know anything about it?
 

void

Entrepreneur
where did you hear the rumors?

admin, could you please decrease the minimum number of words for a post?
 

Admin

Forum Moderator
Staff member

dimar

New member
Beside the rumors available here https://www.offshorecorptalk.com/threads/epayments-may-have-a-hidden-agenda-be-warned.27167/ I have not heard anything, maybe you should point out where you heard this and check the source of such rumors!
Thanks, found a lot of interesting info there, including topic about ePayemnt's bank Rietumu https://www.offshorecorptalk.com/th...ent-account-closure-and-theft-of-funds.23267/
But looks like nothing abnormal happened during last few months, so I presume that this is false alarm.
 

Khloros

New member
ePayments suspended all operations. Here is their announcement;

On the February 11, 2020 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts. This decision was taken following a review, by the FCA, of ePayments anti-money laundering systems and controls, which identified weakness that required remediation.

We know this will be a very frustrating time for our customers. We apologise 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.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Lol....go to epayments website and see message that pops up. Looks like it bit the dust now. Cant see this Russian company making a come back...but hey people know my feelings from my posts about them anyway. I wish them luck with FCA. When Revolut etc had AML issues they were not suspended so make of that what you want on the seriousness.
 

LisaSimpson

Active Member
On the February 11, 2020 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts. This decision was taken following a review, by the FCA, of ePayments anti-money laundering systems and controls, which identified weakness that required remediation.

We know this will be a very frustrating time for our customers. We apologise 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.
 

LisaSimpson

Active Member
My prepaid epayments card is blocked. I can't use it anymore.
So from what I understand, they just need to implement more due diligence, it should not take that much.
The FCA is less a problem than Mastercard. If it would have been mastercard, this would have been another story.
 

bibing

Active Member
Just received their email.
Luckily I didn't have any money with them as they were shady to me (I got the feeling I couldn't trust them holding any of my money)

URGENT: Information about your ePayments account
AelOMBYlxw1DtgIae1b2Pyn4sOVcxqWjEF82rHNJxQNC3rAx7x73GHV6dwSisMqCyu94k7suWkMkUf01nyXsX8ICGLm0tFA=s0-d-e1-ft
Dear XXXXXX,
Your account 000-XXXXXXX
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.
Following a review by the Financial Conduct Authority ('FCA') of ePayments Systems Limited's ('ePayments') 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.
We know this will be a very frustrating time for our customers. We apologise 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.
Should you have any questions in connection with this letter please contact [email protected]
ePayments team​
 
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