UK's FCA Freezes Euro Exchange Securities Over Financial Crime Fears

The UK Financial Conduct Authority blocked Euro Exchange Securities from operating electronic money services due to systemic financial crime risks. The regulator cited weaknesses in EES' governance, ownership and safeguarding as key issues. Court-appointed interim managers will oversee EES until a June 11 hearing. The FCA raised concerns about widespread money-laundering breaches by EES and its clients. The action follows a 2025 fine of 21 million pounds to Monzo for deficient financial crime controls.