The UK Financial Conduct Authority (FCA) is investigating potential offences by Euro Exchange Securities UK Ltd (EES).

The reason for opening the investigation is that it appears to us that, between 1 February 2020 and 4 June 2026, EES may have committed offences under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).

EES may have failed to take appropriate steps to identify and assess the risks of money laundering, including in relation to its customers, the countries or geographic areas where it operated, its services, its transactions and delivery channels, and sufficiently document and update that assessment.

It may also have failed to establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering identified in the risk assessment, including in relation to:

• customer due diligence
• ongoing monitoring controls
• internal governance and oversight
• resourcing and allocation of responsibilities
• record-keeping and escalation/reporting mechanisms.

The FCA has not yet reached any conclusions in this investigation as to what has happened or as to whether EES has breached any relevant requirements.