‘Project Financial Crime’ at The Payments Association

Published on 20th March 2023

The Payments Association responded to our Open Letter of 2nd February 2023 about practices common amongst non-bank Payment Service Providers that enable financial crime.


It amounts to a ‘nothing to see here’.

You will notice our response on page two, which is a ‘why don’t you ask a member of your project who advertises Virtual IBANs’.

It was interesting to see that the Financial Conduct Authority issued a voluminous letter on 16th March 2023 to the Chief Executives of nearly 300 UK non-bank Payment Service Providers in which financial crime failings feature prominently.

We view the FCA’s letter as vindicating the concerns we have raised. The Payments Association recommended we raise these concerns to the FCA, inter alia: looks like we did not need to as they were already on to them and plenty more.