The U.S. Federal Trade Commission alleges the Montreal company processed payments for businesses it knew, or should have known, were running frauds. In addition to the fine, Nuvei has agreed to stop processing payments for high-risk merchants, and to follow strict rules for vetting clients. (The Logic)

Talking point: The FTC cites internal correspondence in which Nuvei employees flagged evidence to the company’s COO that Reimage, a client, was operating a tech-support scam. The COO, who is not named in the complaint, instead pressured staff to increase Reimage’s payment volume, the FTC alleges. High-risk accounts typically pay higher fees for payment processing, making them potentially lucrative. Nuvei, which was acquired by Boston private equity firm Advent in 2024, announced a US$2.75-billion deal to acquire New York-based cross-border payments company Payoneer in June. Nuvei did not immediately respond when asked what the business impact of the FTC’s monitoring and underwriting requirements will be.

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