Digital payments company Wirex anti-money laundering controls
What has happened?
Digital payments company Wirex has voluntarily paused the onboarding of new UK clients at the request of the FCA in order to strengthen its anti-money laundering controls. The pause is understood to be a temporary measure and it follows what is reported to be constructive dialogue with the FCA.
From 24 March 2021, Wirex has paused accepting new clients who are residents in the UK and the firm will dedicate resources to further strengthen its 5MLD compliance protocols. Prospective customers have been invited to join a waiting list in the meantime.
Pavel Matveev, the co-founder & CEO of Wirex has been quoted as saying: “The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow…… UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause.”
Insight from the team
“The case of Wirex underlines the importance of fintech firms being proactive in ensuring that their controls are compliant with the updated regulations under 5MLD. Diligent ongoing monitoring of a firm’s operational procedures and controls against their anti-money laundering obligations, as well as an acute understanding of pertinent regulatory changes, is essential to avoiding any avoidable scrutiny or reprimands by the FCA.”
Jack Williams – Payment Services & Financial Crime Manager
How can we help you?
If you’d like to know more about how we can help you with your AML controls or any other regulatory compliance issues, our expert team is here to help.
Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.