UK’s Financial Conduct Authority (FCA) and payments-as-a-Service provider Modulr have agreed on customer onboarding
restrictions amid new
reguli.
Modulr,
a company in the payments infrastructure sector, serves over 200 clients,
including Revolut, Wagestream, Sage, and BrightPay. It currently processes an
annualized transaction value exceeding £100 billion.
FCA restriction, issued at the start of October 2023, has prevented Modulr from
onboarding new partner clients using its payments infrastructure for cards or
conturilor.
In
response to the regulatory changes taking effect in the UK during 2023 and
2024, including the new UK consumer duty, adjustments to push payment fraud
reimbursement, and a ban on incentive marketing for high-risk assets like
cryptocurrencies, Modulr has decided to temporarily pause onboarding certain
customer segments in the UK.
company has begun notifying new partners of the delay, with expectations that
onboarding may not resume until the first quarter of 2024. Modulr has not
officially commented on the exact deadline.
FCA Investigates
Revolut over Suspicious Account Withdrawals
Magnate de finanțe
reported earlier that the FCA
was investigating Revolut over allegations of allowing funds to be withdrawn
from accounts flagged as suspicious by the National Crime Agency.
An estimated £1.7 million was reportedly released from such
accounts between July and August. Revolut informed the FCA, but it disputed the
amount, stating only £500,000 was involved. That added to Revolut’s regulatory
challenges as it awaited a UK banking license applied for in January 2021.
Concerns over auditing, compliance, and corporate culture
within Revolut have arisen during the licensing process. Revolut operates as a
payment institution in the UK and has expanded services internationally,
including in the US.
Its quest for a US banking license has faced delays, with
regulatory authorities indicating no pending applications. A spokesperson from
Revolut declined to comment on the license application’s status.
UK’s Financial Conduct Authority (FCA) and payments-as-a-Service provider Modulr have agreed on customer onboarding
restrictions amid new
reguli.
Modulr,
a company in the payments infrastructure sector, serves over 200 clients,
including Revolut, Wagestream, Sage, and BrightPay. It currently processes an
annualized transaction value exceeding £100 billion.
FCA restriction, issued at the start of October 2023, has prevented Modulr from
onboarding new partner clients using its payments infrastructure for cards or
conturilor.
In
response to the regulatory changes taking effect in the UK during 2023 and
2024, including the new UK consumer duty, adjustments to push payment fraud
reimbursement, and a ban on incentive marketing for high-risk assets like
cryptocurrencies, Modulr has decided to temporarily pause onboarding certain
customer segments in the UK.
company has begun notifying new partners of the delay, with expectations that
onboarding may not resume until the first quarter of 2024. Modulr has not
officially commented on the exact deadline.
FCA Investigates
Revolut over Suspicious Account Withdrawals
Magnate de finanțe
reported earlier that the FCA
was investigating Revolut over allegations of allowing funds to be withdrawn
from accounts flagged as suspicious by the National Crime Agency.
An estimated £1.7 million was reportedly released from such
accounts between July and August. Revolut informed the FCA, but it disputed the
amount, stating only £500,000 was involved. That added to Revolut’s regulatory
challenges as it awaited a UK banking license applied for in January 2021.
Concerns over auditing, compliance, and corporate culture
within Revolut have arisen during the licensing process. Revolut operates as a
payment institution in the UK and has expanded services internationally,
including in the US.
Its quest for a US banking license has faced delays, with
regulatory authorities indicating no pending applications. A spokesperson from
Revolut declined to comment on the license application’s status.
- Distribuție de conținut bazat pe SEO și PR. Amplifică-te astăzi.
- PlatoData.Network Vertical Generative Ai. Împuterniciți-vă. Accesați Aici.
- PlatoAiStream. Web3 Intelligence. Cunoștințe amplificate. Accesați Aici.
- PlatoESG. carbon, CleanTech, Energie, Mediu inconjurator, Solar, Managementul deșeurilor. Accesați Aici.
- PlatoHealth. Biotehnologie și Inteligență pentru studii clinice. Accesați Aici.
- Sursa: https://www.financemagnates.com//fintech/fca-restricts-modulrs-customer-onboarding-amid-regulatory-changes/
- :are
- :nu
- 000
- 200
- 2021
- 2023
- 2024
- 66
- 7
- a
- Cont
- Conturi
- adăugat
- ajustări
- agenție
- de acord
- acuzaţiile
- Permiterea
- În mijlocul
- sumă
- an
- și
- anualizat
- aplicație
- aplicatii
- aplicat
- AS
- Bunuri
- At
- participanți
- audit
- August
- Autoritățile
- autoritate
- astept
- Interzice
- Bancar
- steag
- BE
- început
- între
- Miliard
- dar
- by
- Carduri
- sigur
- provocări
- Modificări
- clientii
- comentariu
- a comentat
- companie
- conformitate
- Conduce
- consumator
- Istoria
- Crimă
- cryptocurrencies
- Cultură
- În prezent
- client
- ultima generație
- Termenul limită
- hotărât
- întârziere
- întârzieri
- don
- în timpul
- Mai devreme
- efect
- estimativ
- depășire
- expozanti
- extins
- aşteptări
- expert
- Perspective ale experților
- cu care se confruntă
- FCA
- financiar
- Conduita financiară
- Autoritatea de Conduită Financiară
- First
- fanionat
- Pentru
- fraudă
- din
- Fondurile
- Avea
- Risc ridicat
- HTTPS
- in
- Stimulent
- Inclusiv
- informat
- Infrastructură
- inovații
- perspective
- Instituţie
- pe plan internațional
- investighează
- investigare
- implicat
- Emis
- IT
- ESTE
- ianuarie
- ianuarie 2021
- jpg
- iulie
- Licență
- de licențiere
- ca
- Londra
- Marketing
- Mai..
- milion
- rata
- Modulr
- național
- rețele
- Nou
- Nu.
- sesizând
- octombrie
- of
- Oficial
- on
- La imbarcare
- afară
- opereaza
- or
- peste
- partener
- parteneri
- pauză
- plată
- plăți
- Plăți ca serviciu
- în așteptarea
- Plato
- Informații despre date Platon
- PlatoData
- premier
- proces
- procese
- furnizorul
- Împinge
- Trimestru
- căutare
- Inregistreaza-te
- regulament
- autoritățile de reglementare
- eliberat
- Raportat
- răspuns
- restricţie
- restricții
- relua
- Revolut
- s
- sector
- segmente
- servește
- Servicii
- difuzoare
- Purtatorul de cuvant al
- Începe
- precizând
- Stare
- astfel de
- suspicios
- luare
- acea
- Marea Britanie
- la
- tranzacție
- Uk
- fără egal
- până la
- us
- folosind
- valoare
- a fost
- cu
- în
- Tu
- zephyrnet