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Category: DNB

December 15, 2023

EFRI Clashes with Banking Authorities Over ING And Payvision Scandal: Time for Transparency and Action!

EFRI certainly is a beacon of hope for victims of cybercrime. Currently, is locking horns with the European Banking Authority (EBA) over the alarming ING and Payvision scandal. This face-off isn't just another bureaucratic tiff; it's a full-blown crusade for justice and transparency. Payvision, once a proud subsidiary of the banking giant ING, has been unmasked as nothing short of a professional money laundering entity.

August 31, 2023

Introducing Hyphe: Dutch Crypto Service Provider Hyphe Secured BaFin License!

Amsterdam-based digital asset liquidity firm Hyphe, with its registration as a crypto service provider under the Dutch Central Bank (DNB), has marked a significant milestone. Its German arm, Hyphe Markets GmbH, has acquired a license as an Investment Firm per the German Securities Institutions Act (WpIG) and European Investment Firm Regulation (IFR). This positions the company to extend trading services to financial entities in Germany.

August 30, 2023

Legal Precedent: 1st Court Hearing In Preliminary Injunction Against Dutch Regulator DNB!

Disclaimer: The following article summarizes the report of the leading Dutch financial newspaper FD. The journalists of the financial newspaper have followed the first hearing in the Amsterdam court in which the European Fund Recovery Initiative (EFRI) and the victims represented by EFRI filed an injunction against the Dutch regulator DNB. EFRI and the victims are demanding the release of an audit report from the regulator in which the misconduct of the ING subsidiary Payvision is recorded.

August 28, 2023

Payvision Victims Go After The Dutch Regulator DNB Over Refusal To Support Them!

FinTelegram readers are well aware that through the coordination of the European Funds Recovery Initiative (EFRI), the Dutch payment processor Payvision, now in liquidation, is being sued by victims of scams who made and lost their deposits through Payvision. An investigation conducted by Dutch regulator De Nederlandsche Bank (DNB) confirmed that Payvision supported scams and violated financial laws in the process. However, DNB does not want to make the report available to victims.

October 16, 2022

The Payvision Financial Crime Scene Unfolds By The Minute!

The Dutch authorities and media now target ING and its subsidiary Payvision. The financial newspaper FD yesterday published another report about the investigation of the Dutch regulator DNB and the alleged financial criminal activities of Payvision. Its CEO Rudolf Booker is said to have personally given instructions to work with scammers such as Gal Barak and Uwe Lenhoff. Payvision executive Andre Valkenburg recently lied in court filings and claimed he would know of no investigations.

October 15, 2022

ING Issues Statement Related To The Criminal Investigations Of Payvision

Dutch FD and FinTelegram recently reported on the FIOD's investigation of ING subsidiary Payvision. A report by the Dutch regulator DNB accuses Payvision of violating regulatory requirements and financial laws to prevent money laundering and terrorist financing and supporting cybercrime activities. Suspects besides Payvision include former directors Rudolf Booker and Cheng-Lim Li. ING issued the following statement, saying essentially that they worked hard to improve Payvision's risk systems.

October 15, 2022

Breaking: Payvision And Rudolf Booker Prosecuted For Alleged Financial Crime Facilitation!

According to a report by De Nederlandsche Bank (DNB), criminal investigations have been launched against Payvision, the Dutch media outlet FD reports. The Amsterdam-based ING subsidiary allegedly deliberately neglected money laundering controls for years. The Dutch regulator DNB reportedly warned ING about the deficiencies several times but saw little improvement. According to FD research, Payvision, Rudolf Booker, and Cheng Li are the suspects in this criminal case.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.