AMLA goes to frankfurt

AMLA in Frankfurt or to “to set a fox to guard the henhouse”

On 22 February 2024, the EU Council and the EU Parliament voted 28 to 26 to establish the new Anti-Money Laundering Authority in Frankfurt, Germany. This authority, anticipated in the highly regarded EU Anti-Money Laundering (AML) Package, is expected to play a crucial role in combating money laundering within the

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EU AML Package

The upcoming EU Anti-Money-Laundering Package!

The package of legislative proposals On 21 July 2021, the European Commission presented a package of legislative proposals designed to combat money laundering, terrorist financing and sanctions evasion. . This proposed AML/CFT Package included four pieces of draft legislation which consist of: The EU “single rulebook” Regulation ( “AMLR” ):

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Binance Indictement

Binance has pleaded guilty to money laundering charges!

Often, when victims transfer cryptos to investment scammers or pay ransoms to hackers, the funds end up in a Binance wallet. This trend has been noticeable since the crypto exchange’s inception in 2017, suggesting that the platform has been accommodating to criminals. We have been closely monitoring the business’s activities

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ING and Payvision a lot of open questions

Uncovering ING’s Overlooked Half-Billion Euro Disaster!

On January 29, 2018, Ralph Hamers, the CEO of ING Groep NV, one of Europe’s largest banks, proudly announced a significant move to enhance its presence in omnichannel payment services. ING had successfully reached an agreement to acquire a 75% stake in Payvision, a Dutch Payment Service Provider. The acquisition

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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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We need efficient and effective anti money laundering enforcement in Europe!

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

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the money flow of the scammer´s industy

The money flow in the scammers´ industry!

The professionalism of today’s cybercriminal organizations (in short: the scammers’ industry) correspond to the professionalism and procedures of legitimate big international corporations. Technology, development activities, human resources, accounting, finance, marketing, legal departments are carried out by different departments independently under the professional leadership of the management people hired by criminals.

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Kobenhavns Andelskasse scammers

How Kobenhavns Andelskasse got hijacked by scammers!

Kobenhavns Andelskasse (a/k/a Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish-regulated bank, collected and transferred hundreds of millions of stolen money to boiler room scammers in 2017 and 2018 after it got hijacked by scammers.   EFRI represents more than 1.100 European consumers who have been ripped off by

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