A celebrated London fintech has been forced to open itself up to an investigation into its anti money-laundering controls, City A.M. understands.
Victoria-HQed Ebury, which is majority owned by Santander and was valued at around £600m at the time the Spanish giant bought in, is the subject of a ‘Section 166’ order by the Financial Conduct Authority, City A.M. understands.
The order requires the company to appoint a qualified person to conduct an investigation which will be shared with the regulator.
A source with knowledge of the investigation said the S166 notice Ebury received referred to control failings within the firm to manage anti money-laundering risks.
City A.M. understands the inspection is being carried out by lawyers at City giant Eversheds.
Section 166 investigations can lead to enforcement action by the regulator.
An Ebury spokesperson said: “Ebury prides itself on very constructive and open relationships with regulators in every jurisdiction in which it operates and has never incurred any fine or sanction.”
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