United Kingdom: City watchdog probes Airbnb ahead of New York float

The UK’s financial watchdog is investigating Airbnb over concerns about the tech firm’s anti-money laundering and counter-terrorist financing systems.

The Financial Conduct Authority last year called on UK electronic money institutions to review their compliance on safeguarding customer funds.

Airbnb Payments UK (APUK) told the City watchdog that it had identified gaps in its compliance and was undertaking action to fix the problems.

The FCA subsequently appointed a “third-party skilled person” to review APUK’s safeguarding controls, which “identified certain issues with APUK’s anti-money laundering and counter terrorist financing systems”.

Details of the probe came to light in the prospectus for Airbnb’s £22.6bn New York float, which is expected early next month.

The original full article can be found at cityam.com

(Photo: Getty Image)

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