The Coin Center report “Tear Down this Walled Garden: American Values and Digital Identity” argues that our current AML/KYC identity system is expensive, privacy-invasive, and largely useless against real crime – and that open, decentralised digital identity built on cryptography and blockchains could do much better. Coin Center is a
When Europe’s payment institutions (PIs) and electronic-money institutions (EMIs) still show structural AML/CFT weaknesses, it’s reckless to assume stablecoin issuers—often EMIs themselves—will perform better. Any bank offering operating, reserve or settlement accounts to a fiat-backed stablecoin issuer faces two rails (fiat + on-chain). Both must be managed to AML standards—or
For over four years, we have meticulously examined criminal files to decipher the operations of Barak and Lenhoff´s criminal organisation and the involvement of Payment Service Providers (PSPs) in these schemes. In recent months, as we collected information for the ongoing civil proceedings against Payvision and Deutsche Bank, we have
Around 300 victims from all over Europe, coordinated and supported by EFRI, have been requesting restitution payments for their losses since they learned about the reckless and willful involvement of Payvision in Barak and Lenhoff´s online scams. Legal claims in Austria and Germany are already pending. Additionally, a larger group
As of 8 October 2020, an investigation report submitted by the Dutch Supervisory Authority (DNB) to the management of Payvision B.V. – a licensed Dutch payment institution in Amsterdam, owned by one of the biggest banks in Europe, ING – stated that an on-site audit carried out by DNB
EFRI`s open letter to the European Authorities in charge of anti-money laundering. Based on our findings of the activities of some European licensed Payment Institutions and e-money institutions in the online fraud industry (in specific Payvision B.V., Wirecard Bank AG, Moneynet Int LTD) we formulated some recommendations and established an
In addition to the acquiring bank, issuing bank, and card association, the merchant frequently employs the services of a payment processor to facilitate this process and act as the technical interface between the merchant and the payment system. Here you will find a list of the payment processors working with
