The recent High Court ruling in the UK against Moorwand Ltd marks a watershed moment in the fight against authorised push payment (APP) fraud in the UK. The judgment held the FCA-regulated e-money institution liable for failing to prevent fraudulent transfers, reinforcing the application of the Quincecare duty to modern payment service providers.
On 11 Feb 2020, FCA-licensed e-money institution ePayments System was ordered by the FCA to suspend all activity for “an indefinite period.” The regulator found “a number of weaknesses” in its anti-money laundering procedures. ePayments was one of the big e-money institutions in the UK, with over a million private accounts and more than 1,000 business accounts. One of the company's responsible directors at that time was Robert Courtneidge. Recently, ePayments announced that it would close the business.