ePayments Methods is among the UK’s largest digital funds firms.
Effectively, it was… till the FCA unexpectedly shut it down on February eleventh.
Together with the shutdown got here a freeze order, trapping what’s believed to be over £100 million in consumer funds.
Oh, and did I point out there’s a particularly attention-grabbing tie to OneCoin?
To this point each the FCA and ePayments Methods have been coy on the shutdown.
On February eleventh ePayments Methods revealed a “lulz your funds are protected” message to their web site.
On the February 11, 2020 ePayments Methods Restricted (‘ePayments’) agreed with the Monetary Conduct Authority (‘FCA’) to droop all exercise on its buyer accounts.
This choice was taken following a overview, by the FCA, of ePayments anti-money laundering methods and controls, which recognized weak point that required remediation.
We all know this shall be a really irritating time for our prospects. We apologise for any inconvenience induced and are working tirelessly to make sure enhancements are made and accounts could be reactivated as quickly as potential.
Throughout this enchancment course of, we wish to guarantee prospects that their funds are being safeguarded as regular.
I’ll offer you a second to get well from the shock of a UK regulator really regulating.
…
To the very best of my information the FCA itself has but to challenge a public assertion. It’s all very secretive however we do know the shutdown is said to cash laundering.
The FCA’s listing itemizing for ePayments Methods says the corporate should
chorus from offering account info companies or fee initiation companies for an indefinite interval.
The message on ePayments Methods web site is meant to tell its shoppers it’s “not conducting enterprise.
The corporate can be banned from signing up new shoppers, or doing enterprise with firms or people.
Principally it’s over.
One in all ePayments Methods’ Administrators is Robert Courtneidge. Or was, following his resignation on February seventeenth.
In line with ePayments Methods’ Firms Home information, Courtneidge (proper) was appointed in July 2018.
I’ll offer you one other second to get well from the shock of a non-fraudulent Firms Home incorporation.
…
When the Monetary Instances approached Courtneidge for remark, he advised them he “was not legally in a position to touch upon the corporate”.
Fascinating.
Previous to being appointed a ePayments Methods Director, Courtneidge was World Head of Playing cards and Funds for the legislation agency Locke Lord.
In January 2018 Courtneidge left Locke Lord to signal on as CEO of Moorwand, one other fee processor.
Courtneidge’s appointment as an ePayments Methods Director came about six months later in July.
Locke Lord in the meantime, is similar legislation agency who within the UK counted OneCoin founder Ruja Ignatova as a consumer.
Two months earlier than Courtneidge was appointed CEO of Moorwand, Ruja Ignatova disappeared.
She is believed to have escaped with a fortune in laundered OneCoin investor funds.
A part of the fallout of Ignatova’s disappearance not too long ago performed out within the US authorized system.
In November 2019 Mark Scott was convicted on costs associated to the laundering of over €400 million for Ignatova.
That cash continues to be unaccounted for.
Robert Courtneidge labored intently with Mark Scott to launder OneCoin funds.
His title got here up continuously throughout Scott’s trial, as reported by FinTelegram quoting displays offered by the Internal Metropolis Press;
InnerCityPress (@InnerCityPress on Twitter) has not too long ago revealed screenshots of emails on Twitter which present that Ruja Ignatova apparently despatched her emails repeatedly to Mark S. Scott and Robert Courtneidge.
Mark S. Scott apparently defends himself to the U.S. prosecutor by claiming that his colleague at Locke Lord, Robert Courtneidge, was additionally concerned in and accredited the OneCoin transactions.
To ensure that Courtneidge to be appointed a non-executive Director of ePayments Methods in January 2018, presumably there needed to have been some form of working relationship.
Did that relationship contain laundering huge quantities of cash for Ruja Ignatova, in Courtneidge’s capability as Locke Lord’s World Head of Playing cards and Funds, by ePayments Methods?
And is that behind the FCA now shutting down ePayments Methods indefinitely over cash laundering considerations?
Monetary Instances approached Robert Courtneidge about his connections to OneCoin. he advised them he was unable to remark.
Locke Lorde and ePayments Methods each didn’t reply to Monetary Instances’ requests for remark.
In any occasion, if the entire above checks out, the subsequent level to ponder is whether or not any of Ignatova’s stolen fortune continues to be tied up in ePayments Methods.
Or on the very least whether or not their data can be utilized to trace the place Ignatova’s funds went, doubtlessly even resulting in the wished fugitive herself.
Replace fifteenth September 2022 – The FCA freeze stays in place. ePayments in the meantime has introduced it’s shutting down.