The UK Financial Conduct Authority has initiated proceedings to place London payments firm Euro Exchange Securities UK Ltd. under a special external administration. The regulator intervened amid serious suspicions that the company and its clients were involved in large‑scale money‑laundering schemes. To ensure the legal integrity of the process, the FCA has filed documents in US federal court seeking to extend UK insolvency proceedings to the company’s US assets, including its Miami offices.
In court filings, the British authority directly cites the high‑risk nature of Euro Exchange’s client base and systematic breaches of the firm’s internal anti‑money laundering protocols. The insolvency manager appointed by the FCA said the group’s operations point to material risks and that available assets are likely directly linked to criminal activity. The regulator’s website states that the firm’s internal operating model created ideal conditions for processing illicit funds. A decisive court hearing on the final transfer of the company to external management is scheduled for June 11.
The Euro Exchange group, controlled by businessman Luis Gasparini and his family, operates globally with an extensive network of offices in Europe and the US. The corporate perimeter also includes a bank in Puerto Rico, a key client of the UK unit, and a conduit in the group’s financial operations. In 2022, Euro Exchange reported annual turnover of $1 billion. The FCA’s actions could call into question the future of the entire Gasparini structure, given its global reach and significant allegations of noncompliance with international anti‑financial‑crime laws.
