Money laundering Archives - Page 2 of 3 - EFRI identifies financial crime enablers to curb cyberfraud

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.

23 March 2022 No Comments

How Kobenhavns Andelskasse got hijacked by scammers!

Kobenhavns Andelskasse: A Small Bank’s Role in Massive Financial Fraud Kobenhavns Andelskasse (a.k.a. Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish-regulated bank, became a key enabler of international fraud by collecting and transferring hundreds of millions of euros in stolen funds to boiler room scammers in 2017 and 2018.

10 March 2022 No Comments

The Danish FSA and its relaxed Approach regarding KBH and Clearhaus A/S

UNZER’s Acquisition and the Role of Clearhaus A/S and KBH in Online Fraud. As of January 21, 2021, UNZER (formerly Heidelpay) announced its acquisition of two Danish payment companies: Clearhaus A/S, an acquiring company and payment institution regulated by the Danish FSA, and QuickPay, based in Aarhus, Denmark. This transaction

30 January 2022 No Comments

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

30 January 2022 No Comments

HSBC – a dirty bank as an accomplice of big style cybercrime!

EFRI, an association based in Vienna, Austria, set up in spring 2020, by now represents more than 1,052 European consumers who were defrauded by cybercriminals. As of writing the victims lost over EUR 59.2 million in the form of investment scams also referred to as boiler room scams. HSBC, one

30 January 2022 No Comments

communication between GAL BARAK and Payvision

PAYVISION had no issues at all in onboarding shell companies (Part III)!

EFRI represents more than 910 European consumers who have been ripped off by investment scams, stealing EUR 49,8 mio of their lifetime savings. The harm done to hundreds of thousands of European consumers – mainly older and vulnerable people – during the past years by investment and boiler room scams

27 January 2022 No Comments

EU countries with serious ML issues!

Today, EFRI represents 876 mainly European victims who lost their life savings of more than EUR 45.9 million to boiler room scammers. Fraud victims transferred EUR 45.9 million to beneficial owners of fraudulent websites through various European banks/financial service providers. Our updated Follow the Money evaluation (downloadable here) and our studies of the

23 January 2022 No Comments

BULGARIA – An EU Scam and Money Laundering Hub

Gal and Marina BARAK’s Bulgarian money-laundering organization On 1 September 2020, the now infamous Wolf of Sofia, Israeli citizen Gal Barak, was found guilty of serious fraud and money laundering. Barak was identified as one of the beneficial owners of a cybercrime organisation, based in Sofia, Bulgaria. 46 shell companies with

20 January 2022 No Comments

EU steps up in anti-money laundering!

The money laundering scandals of recent years in the European Union have shown that the European Union’s banking sector, particularly, remains highly vulnerable to cross-border money laundering. Some late scandals like the #Wirecard scandal in Germany and the #Kobenhavn Andelskasse scandal or the Danske Bank scandal in Denmark made the

14 January 2022 No Comments

EFRI`s LETTER TO THE FATF!

As you read this blog post, the #Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities (mainly #BAFIN) and involved companies (especially EY Germany) are blaming each other and are trying to overcome the issue. The frightening truth is that Germany

10 January 2022 No Comments