The British financial regulator on Thursday said it had opened an investigation into Euro Exchange Securities UK Ltd (EES) over suspected failings in its anti-money laundering processes, including alleged shortcomings in assessing and managing risks.
The Financial Conduct Authority shuttered EES, the London arm of an electronic money and payments firm with US and Spanish businesses, in June this year.
EES did not immediately respond to Reuters request for comment.
The regulator said the company may also have failed to establish adequate controls and procedures to mitigate those risks, including ongoing monitoring, governance, record-keeping and reporting mechanisms.
According to the regulator, the suspected failings relate to the February 2020 to June 2026 period.
The FCA said it had not reached any conclusions on whether the firm had breached any regulatory requirements.
