UK Payments Firm With Russian Ties Hit by FCA Restrictions

Bloomberg: UK regulators have clamped down on Dzing Finance Ltd., a fintech company with Russian connections, due to a high incidence of fraud-related payments. The Financial Conduct Authority (FCA) requires Dzing to gain approval before accepting new retail customers or funds. This follows a Payment Systems Regulator report highlighting Dzing’s high volume of scam-linked transactions. Dzing, founded by Russian banker Mikhail Nadel, faces scrutiny for its anti-fraud measures, reflecting broader regulatory concerns over electronic-money institutions. Nadel, convicted of fraud in Kyrgyzstan, denies the allegations, claiming they are politically motivated. Dzing cannot take new clients or funds for existing ones without FCA approval.

The company is a self-described “neobank” and lists Tatjana Orlova, the ex-wife of a Russian billionaire, as its major shareholder. It also has financial ties to entities linked to individuals sanctioned for connections to Russian intelligence and organized crime. Dzing maintains a partnership with Mastercard.

The entire article can be read at the link UK Payments Firm With Russian Ties Hit by FCA Restrictions – Bloomberg