Payvision settlement agreement

Booker and Cheng`s fined for massive KYC-failures!

On April 5, 2024, the Dutch Prosecutor announced that the criminal charges against Payvision´s board members were settled out of court.  Booker and his collegue Cheng Liem Li were found to have (2016 – April 2020) structurally and for many years violated the European Know your Customer rules and accepted

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Summary about our findings for the Payvision case!

Over the past four years, we have communicated with hundreds of victims of online trading scams. We’ve analyzed their banking documents and prepared criminal complaints on their behalf. Additionally, we’ve reviewed hundreds of pages of court files. At this point, we believe we have a comprehensive understanding of how online

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Money flow in the card systems

Why do scammers need to work with card companies!

The only purpose of doing scams is to get hold of victims’ money.   With the “Follow the Money” approach becoming a well-known investigation tool for the prosecutors, opaqueness, and complexity in structuring the money flow from the victims to the scammers are critical for cybercriminals.  The more opaque and

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ING

ING´s checkered money laundering track record!

There are rumors that ING is eager to do a new settlement agreement with the Dutch authorities for the Payvision money laundering case. ING is quite experienced in doing settlement agreements for money laundering cases letting the shareholders pay the fine.  But considering ING´s checkered money laundering track record it

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ING is phasing out PAYVISION

Another Open Letter to ING and DNB about PAYVISION!

The phasing out process of PAYVISION ends today (June 30, 2022)! On October 28, 2021, ING announced that it would start phasing out the business activities of its subsidiary PAYVISION as a payment service provider (PSP) and acquirer. According to the announcement, this was done after a thorough evaluation of

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ESG criteria

What about the S and the G in ESG?

It became a modern trend in the financial sector that each organization likes to provide sophisticated wordings about the importance of sustainable finance and the application of Environmental, Social, and Governance (ESG) criteria in their day-to-day business and asset allocation. Above all big banks and financial institutions heavily publish about

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EBA to start to do a proper job

EBA has finally to do a proper job!

In preparing the civil legal claims against PAYVISION B.V., we dig deeply into the criminal files for Option888 and the Wolf of Sofia. We learn a lot about how these fraudulent schemes work. In addition, we also know a lot about the enablers of these enormous fraudulent activities. Unscrupulous regulated

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