Home / Regulation / Austrian Regulator FMA confirms ePayments Systems suspension for Austria

 

On 6 March 2020, the Austrian Financial Market Authority (FMA) confirmed the suspension of the activities of ePayments Systems Ltd as a licensed e-money institution imposed by the UK Financial Conduct Authority (FCA) also for Austria. FinTelegram reported on the FCA actions against ePayments Systems and the resignation of its director Robert Courtneidge.

In accordance with the decision of the Financial Conduct Authority (FCA) as the competent supervisory authority in England, the Austrian FMA points out the restrictions for ePayments Systems:

The e-money institution may no longer provide services requiring a license. The e-money institution has to inform its customers on its website (https://www.epayments.com/) on mobile or other digital channels that it may no longer perform activities requiring a license. The e-money institution is not allowed to conduct business with corporate, private and/or freelance clients as classified by Epayments System Ltd itself. Until further notice, business may only be conducted with customers from a customer list approved by the FCA.

Austrian Regulator FMA

Given the recent regulatory actions and development, one may doubt that ePayments Systems may continue its business as a licensed e-money institution. The FCA initiated investigations because of suspicion of money-laundering.

 

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