We are conducting an in-depth investigation into the operations and regulatory challenges faced by the FCA-regulated E-Money Institution, CFS ZIPP Limited, owned by Dr. Srinivas Venkatesh through St George’s BK Ltd. Our focus is particularly on the firm’s adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which has recently come under scrutiny by the regulatory authorities.
Short CFS-ZIPP Narrative
CFS ZIPP Limited, holding the FCA Reference number 900027, has reportedly encountered significant regulatory hurdles. As per the latest updates from the Financial Conduct Authority (FCA), the institution has been restricted from engaging in certain activities. Specifically, the FCA has stipulated that CFS ZIPP Limited must not, without prior written consent:
- Accept any new funds related to the services it provides under its status as an Authorised Electronic Money Institution as defined under the Electronic Money Regulations 2011 and Payment Services Regulations 2017.
- Onboard any new agents or customers, where ‘onboarding’ entails initiating a new business relationship under which payment services are provided.
Furthermore, there are allegations and emerging legal issues involving CFS-ZIPP in other jurisdictions. Notably, in Cyprus, the CFS-ZIPP agent Zafira Trading Ltd is reportedly facing client-related problems. Among the complainants is RPM Malta, which alleges that CFS-ZIPP owes it €5.5 million.
In addition to financial services, CFS-ZIPP also offers technology and compliance services for other financial service providers. There are also a dozen agents working for CFS-ZIPP on the FCA Register.
CFS-ZIPP Key Data
| Trading name | CFS-ZIPP |
| Business activity | Regulated e-Money Institution |
| Domain | https://www.cfszipp.com |
| Legal entity | CFS-ZIPP Limited |
| Jurisdiction | United Kingdom |
| Contact data | Email: [email protected], [email protected] Tel : +44 (0) 208 561 4250 |
| Authorization | FCA-regulated EMI with Ref No: 900027 |
| Related individuals | Srinivas Venkatesh Uma Venkatesh Iranda Gunapala Ganesh Vaidhyanathan |
| Related entities | CFS-ZIPP Technologies Limited Zafira Trading Ltd |
Share Information
We are gathering more details about these issues with the assistance of whistleblowers and other reliable sources. However, the full extent of the situation and the specifics of the legal challenges faced by CFS-ZIPP remain unclear.
We appeal to anyone with information about CF- ZIPP Limited, its operations, its compliance with regulatory requirements, or its legal challenges in various jurisdictions to come forward. Your insights could be invaluable to our investigation.
Please share any relevant information through our secure whistleblowing system, Whistle42. We assure confidentiality and anonymity for all contributors. Your help can shed light on the practices of CFS-ZIPP Limited and contribute to a better understanding of the situation.
