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The Upper Tribunal has agreed not to suspend restrictions we placed on e-money firm Nvayo Limited. These are set out on our register and include restrictions on the business the firm can do. As is clear from the published judgment we have serious concerns about the firm and its compliance with anti-money laundering rules.
In our recent letter to payment and e-money firms, we set out our expectation that all firms have systems and controls in place to combat the risk that they may be used for financial crime purposes.
Where we have concerns about individual firms, we will not hesitate to take assertive action, as we have done in this case. The firm is continuing through the appeals process, and we cannot comment any further at this stage.
https://www.fca.org.uk/news/statemen...-nvayo-limited
