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UK financial watchdog secures 2 million pounds in QPay forfeiture order

© Reuters. FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency’s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON (Reuters) – Fintech company QPay Europe has agreed to a court order to give up two million pounds held in its name following a proceeds of crime case, Britain’s Financial Conduct Authority said on Thursday.

The FCA said it had told the court that the money was the proceeds of illegal activity connected to criminal proceedings in the United States concerning an alleged conspiracy to commit wire fraud against banks and credit card companies. “The FCA is not alleging that QPay is involved in this conspiracy,” the regulator said in a statement.

UK financial watchdog secures 2 million pounds in QPay forfeiture order

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