ePayments is gone!
- Thread starter dimar
- Start date
- Status
How are people going with getting their money back from this Russian laundromat......sorry I mean epayments?
Is UK FCA still going through every customer account with a fine tooth comb? Or is epayments still lying to its customers 5 months later about making improvements to their system while blocking your funds for 5 months? rof/%
Is UK FCA still going through every customer account with a fine tooth comb? Or is epayments still lying to its customers 5 months later about making improvements to their system while blocking your funds for 5 months? rof/%
I doubt they will pay anything back to anyone. They looked shdy from the very beginning doh948""
They took the money and made a run for it, the owners are not even in the UK so they honestly don't give a f**k about the FCA nor any audits to begin with.
Any EMI that lets you open an account, asks for minimal documentation, use shady IBCs along with it and lets you transfer money with no questions asked in the most regulated continent in the world, they definitely won't have the "rigor" and seriousness to safeguard your assets. If anything, they probably were living the high life with customer deposits until their ponzi scheme went belly up with FCA requests and they︀ decided to disappear
I also highly doubt the FCA has time to waste with these︁ clown ventures and any investigation will probably take years to be done, giving plenty of︂ time for the owners to just move on.
Any EMI that lets you open an account, asks for minimal documentation, use shady IBCs along with it and lets you transfer money with no questions asked in the most regulated continent in the world, they definitely won't have the "rigor" and seriousness to safeguard your assets. If anything, they probably were living the high life with customer deposits until their ponzi scheme went belly up with FCA requests and they︀ decided to disappear
I also highly doubt the FCA has time to waste with these︁ clown ventures and any investigation will probably take years to be done, giving plenty of︂ time for the owners to just move on.
I think we shall say that people may have learned their lesson, at least it is what I will hope for all that made a lost!
The FCA wouldn't just allow money to be held for so long without initiating return to customers unless the problem is very very serious.
P.S The unlikely situation is they can't find all the client funds as some have been embezzled eek¤%&
P.S The unlikely situation is they can't find all the client funds as some have been embezzled eek¤%&
I wouldn't be surprised one bit that funds were embezzled, it's easy enough to pull this off with these shitty EMI models in 2020. Anyone in some eastern european basement can do it. Especially with the method of lax compliance to lure in client deposits into the platform. Suddenly you're sitting on dozens of millions of shady money that probably won't even be reported if you made a run for it.
I call it the Rietumu Bank technique smi(&%. Epayment has a clause also in their terms and condition that I mentioned already here that allows them literally to legally steal £50,000 from your balance i.e:
"10.3 You shall pay us the sum of £50,000 (Sum) on demand or we may deduct this Sum from the balance of your ePayments Account without notice if you use your ePayments Account and/or the Services in connection with any industry or activity that is set out in︀ our prohibited activity list on our Website."
"10.3 You shall pay us the sum of £50,000 (Sum) on demand or we may deduct this Sum from the balance of your ePayments Account without notice if you use your ePayments Account and/or the Services in connection with any industry or activity that is set out in︀ our prohibited activity list on our Website."
Haha there you go, that's probably why the FCA︀ doesn't even seem to want to bother with them now. 1) Money's gone and 2)︁ Taking them to court and proving they stole funds would be quite expensive. Not worth︂ the efforts.
Tighter regulations, AMLD5 in europe creating more and more scrutiny on MSBs/EMIs/Banks, risks of audits, at some point the risk/reward is no longer worth it and the EMI just bails with everyone's money while the regulators are still not locking their sights on them. With hidden clauses like the 50k fine for forbidden activities, it's easy to bleed your clients dry and︀ bail. Legally speaking you're in the clear and proving otherwise is quite expensive. Government won't︁ pursue these types of entities unless they got off with hundreds of millions.
A lot of closures happened conveniently during the pandemic, law enforcement is busy and inefficient in most countries, governments work in limited capacity so its complicated for them to bust anyone who does anything elaborate at all.
- Status