UK Seizes Payments Firm Euro Exchange on Laundering Concerns (1)

The UK’s financial watchdog seized Euro Exchange Securities UK Ltd., the London arm of a global payments firm with operations in the US and Spain, after becoming concerned about potential links to money laundering.

The Financial Conduct Authority intends to force Euro Exchange into special administration, a form of UK insolvency, and has also applied to have the proceedings recognized in the US, according to filings in a US federal court. The FCA is concerned about the “high-risk nature” of some of the firm’s customers and that its activities may have caused “widespread breaches” of money-laundering rules, ...