The UK Financial Conduct Authority (FCA) has expressed concern that the current Covid-19 crisis will affect the financial strength of payment service providers (PSPs) and consumers’ ability to access cash and payment services. Given the FCA’s renewed focus on the payments sector, PSPs should proactively review and, where necessary, update their compliance policies and procedures, particularly in relation to financial crime. PSPs should also assess their governance and risk management arrangements and ensure these are appropriate for their business models in the current economic climate.

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