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Payment processor ePayments said that it was the target of a freezing order back in 2020.

The FCA issued the order to freeze client money totaling more than £100 million. The money still has a frozen status.

Now, ePayments has decided to close.

according to payments release on September 12;

ePayments has started the process of shutting down and has started a smooth wind-down.

As you are aware, the company has been shut down for the past three years as a result of various shortcomings our regulator, the UK Financial Conduct Authority (the FCA), found in our financial crime procedures.

Although we have been working hard to guarantee that they are up to the needed quality during this time, we are no longer able to sustain the business to return to what the FCA requires and a “business as usual” state gave the exceptionally difficult and unprecedented global economic conditions.

In actuality, this means that we won’t resume full operations and instead, will only be concentrating on refunding clients and completing the process of terminating your accounts as we wind down the firm.

Your money is still in secure accounts when you deal with us. Our choice and our communication have been shared with the FCA.

Instead of shutting down, ePayments has instructed customers to ask for reimbursements.

After attempts in 2020 and 2021 to establish the company’s legitimacy, ePayments did reopen in December 2021.

After six months, it is clear that ePayments cannot succeed without money laundering and clients that participate in unlawful behavior.

OneCoin is the intriguing connection between ePayments and MLM.

Robert Courtneidge (right) was the Director of ePayments Systems, as described in BehindMLM’s original report of the freezing order.

Courtneidge had served as the global head of cards and payments for the law firm Locke Lord before being assigned to ePayments.

Courtneidge departed Locke Lord in January 2018 to become the CEO of Moorwand, another payment processor.

Six months later, in July, Courtneidge was appointed as an ePayments Systems Director.

Ruja Ignatova, the inventor of OneCoin, was a client of the UK-based legal firm Locke Lord at one point.

Mark Scott and Robert Courtneidge collaborated closely to launder OneCoin money:

Courtneidge informed the Financial Times that he “was not legally able to comment on the firm” when they asked him about the ePayments freeze.

Six days after the FCA freeze went into force, on February 17, 2020, Courtneidge left ePayments. Courtneidge has been referring to himself as an “Independent Payments Industry Advisor” since March 2020.

In my 2020 essay on the FCA ePayments freeze, I came to the following conclusions:

There must have been some kind of business relationship for Courtneidge to be named a non-executive Director of ePayments Systems in January 2018.

Did the arrangement entail Courtneidge, who was Locke Lord’s global head of cards and payments, using ePayments Systems to launder substantial sums of money for Ruja Ignatova?

And is it the reason the FCA has now permanently shut down ePayments Systems due to worries about money laundering?

The FCA hasn’t taken any more action – at least not publicly – beyond starting an asset freeze and essentially ending ePayments commercial activities in 2020.

Although we are aware that it was started as a result of illicit activity, the FCA’s ePayments freeze’s precise motivation is still a mystery.

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