Money laundering red flags have been indicated at more than a third of UK-licensed electronic money institutions, according to researchers who are calling for tougher oversight of the fast-growing sector.
Transparency International UK warned in a report that the payments industry could become a “major gateway” for illicit funds from around the world unless the industry is subject to stricter enforcement.
Electronic money institutions are licensed and overseen by the UK’s Financial Conduct Authority, and are allowed to issue payment cards and offer bank accounts as well as money transfers. However, unlike traditional banks they cannot provide loans or mortgages and are not covered by the Financial Services Compensation Scheme.
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