The regulator says Euro Exchange may have failed to identify laundering risks linked to its clientele and to the jurisdictions and locales in which it did business. The agency emphasized the probe is ongoing and that it has not made findings at this stage.
Euro Exchange is part of a wider group of lesser‑regulated payment firms often labeled EMIs, short for electronic‑money institutions. In the UK, the FCA has authorized hundreds of these firms, and it now flags widespread fraud risks and weak financial‑crime controls across the sector.
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The FCA's June move to force Euro Exchange into special administration followed years of scrutiny of the firm's controls, according to court records. The business is tied to a broader group with operations in Florida and Italy. Owner Luis Gasparini did not immediately respond to requests for comment. Bloomberg has reported the company processed at least £2 billion ($2.7 billion) on behalf of a small group of risky customers prior to the seizure, and the FCA says its investigation remains active with no conclusions so far.
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