Information on investigations and skilled persons reviews into e-money firm - January 2024

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As at 16 January 2024, we have 10 open investigations.

In response to questions 4 and 5, we can confirm that we have opened an investigation into one firm and closed one investigation since 2021. We are the view that disclosure of the specific year would be likely to prejudice the exercise by the FCA of its regulatory functions under FSMA. We therefore consider that the exemption under section 31 (Law enforcement) of FOIA applies.

For further information on why these exemptions apply, please see Annex B below. 

In considering this data, please note the following:
• The data is recorded by financial year and is therefore presented in this way here;
• The data shown above relates to only those reviews which fall into Lot E: Financial Crime, which is the closest match to ‘financial crime systems and controls’.

How many e-money firms did the FCA subject to business restrictions in 2021, 2022 and 2023, respectively, in relation to weaknesses in firms' financial crime systems and controls? [Refinement: limited to those cases where the Supervision, Policy and Competition Division has imposed requirements or limitations (‘business restrictions’) on e-money firms with support from colleagues in the Enforcement and Market Oversight Division.]

Due to the way in which actions are recorded, the figures provided below are based on our records for each organisation that action has been taken against and the portfolio in which they are listed as operating in.

Nine e-money firms are currently subject to s166 reviews which fall into Lot E: Financial Crime. Please note that these may not be in relation to actual breaches of the Money Laundering Regulations as s166 reviews can be diagnostic in nature.

As per the terms of the refinement, fourteen firms are currently still subject to business restrictions in relation to potential breaches of the Money Laundering Regulations and/or other weaknesses in their financial crime systems and controls.