The UK’s burgeoning electronic-money sector, home to hundreds of payments firms, is facing “critical” money-laundering risks and needs tougher supervision from regulators, a study says.
More than one-third of about 260 Electronic Money Institutions, or EMIs, show money-laundering red flags, according to the report from Transparency International UK, the British arm of the global anti-corruption organisation. That includes firms with poor controls or said to be processing criminal wealth.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!