Reported by: Savannah Fortis

The electronic payments provider ePayments is putting the final nail in the coffin of its operations. ePayments issued email notices to clients on Tuesday, stating that it is officially closing its business operations in light of local regulations.

The financial services provider was one of the largest electronic payment providers in the United Kingdom. However, almost three years ago, it was ordered to cease operations by the U.K.’s Financial Conduct Authority (FCA) due to alleged weaknesses in its “financial crime controls.”

At the time of the initial suspension, it was estimated that ePayments held $149 million, or 127.5 million Great British pounds, in customer funds, which were temporarily inaccessible.

After years of restructuring efforts, the company attributes the final closure to “extremely challenging and unprecedented global economic conditions,” years of halted operations and being unable to satisfactorily meet the FCA’s requirements.

Read full report: https://cointelegraph.com/news/epayments-shutters-as-fca-anti-money-laundering-regulations-tightens