QPay

QPay is the trading name of UK-registered Qpay Limited, an payment and consulting firm. The company has been founded in 2017 by the British citizen Maksim Zmitrovich (Linkedin).

QPay is a business introducer for other payment processors and banks. It enables merchants to provide payments such as issuing debit cards and processing payments and issuing e-money, such as prepaid cards and electronic wallets.

In April 2022 the FCA  has seized £2m from fintech firm QPay after it allegedly benefited from a $150m (£116.5m) payment fraud case in the US.

The FCA has claimed the money was the proceeds of criminal activity connected to an alleged US conspiracy to commit wire fraud against banks, credit card companies and other American financial service providers.

Due to their flawed AML policy, which has led to them being drawn into criminal machinations and the associated regulatory consequences, we are placing Qpay on our “Orange Compliance” list.