Malta’s Financial Arbiter repeatedly found that OpenPayd improperly credited payments through opaque vIBAN structures. He referred the breaches to the regulator—then denied compensation and blamed the victims’ “greed and gross negligence
Københavns Andelskasse and Payvision: Victims Left to Chase Empty Shells Danish authorities have secured another conviction in the Københavns Andelskasse money-laundering scandal. But the case exposes a larger European failure. The victims are not only facing AML breaches. They are facing an enforcement model that confirms wrongdoing after the operating
EFRI’s Payvision Report: when payment infrastructure becomes fraud infrastructure
As the EU evaluates its “Fighting Online Fraud – Action Plan,“ a new emerging operating model is taking center stage: FRAML (the integration of Fraud and Anti-Money Laundering systems) to fight fraud real-time and more efficiently. At EFRI, we view FRAML as a double-edged sword. While it is a significant
Executive Summary An explosive whistleblower lawsuit reveals how Ernst & Young (EY) systematically enabled one of the largest money laundering operations in history, providing audit cover for a $100 billion criminal network operating through casino companies linked to Chinese organized crime syndicates. The case exposes how EY’s pattern of prioritizing
On 11 September 2024, the 8th Global Conference on Criminal Finances and Cryptocurrencies, co-organised by the Basel Institute on Governance, Europol, and the UNODC, took place in Vienna. One of the primary topics of discussion was the increasingly concerning role of cryptocurrencies in the online gambling and casino industry. As
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
The package of legislative proposals On 21 July 2021, the European Commission presented a package of legislative proposals aimed at combating money laundering, terrorist financing, and sanctions evasion. This proposed AML/CFT package consisted of four draft legislative acts: The EU “single rulebook” Regulation (“AMLR”) : contains provisions on conducting customer
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
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 Bank N.V. had successfully reached an agreement to acquire a 75% stake in Payvision B.V., a Dutch Payment Service
