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Category: GNI

February 6, 2021

GNI Leaks – Introducing high-risk payment processor group EMP CORP

FinTech entrepreneur Ozan Ozerk is a remarkable man. Hee has spent the last 10 years building a FinTech empire around Akce Group that ranges from the Lithuanian-registered European Merchant Bank to the FCA-regulated OpenPayd Group. He has also established processing gift card and voucher companies to process payment transactions of gambling, betting, lotteries, and online casinos for EMP CORP. We have started with the research of EMP CORP. Here is the first part of our reports.

January 26, 2021

Follow the Money – Cartu Brothers, Wirecard and GlobalNetInt

GlobalNetInt has for sure no issue with the online gambling business. Gambling is by far their most important client segment. And then there are the Cartu Brothers. Law enforcement agencies and financial market regulators have been after them for years now. The U.S. CFTC and the Canadian OSC have sued David Cartu, Joshua Cartu and Jonathan Cartu for alleged binary options fraud. They ask for money! The CFTC claims damages of $165M in the process. We learned that the Cartu Brothers companies have their accounts at the Lithuanian GlobalNetInt.

January 10, 2021

Scam-facilitating Crypto Payment Processor Zichain and its network

Zichain OÜ is a crypto payment processor and exchange licensed by the Estonian FIU. Besides, the company is also licensed as a general financial services provider and is doing business as Zichain, Cryptoeye, and Rashbe. Currently, one can only conduct crypto transactions through Zachain. Rashbe is associated with scams like Swiss500 or ApcoFX. In turn, Swiss500 is associated with Michael Zetser, who, together with Ilan Frankos, is behind the scam-facilitating high-risk payment processor GumBallPay.

January 4, 2021

The Estonian Money-laundering Issue – Crypto Payment Processors BlueData, and Lipan Services

The Estonian regulatory regime had been a severe issue for the EU since the inception of its crypto license program some three years ago. Even though the Estonian Ministry of Finance recently announced that its FIU revoked more than 1,000 licenses, there are still about 400 regulated crypto payment companies active in the market billing themselves as "EU-regulated" payment processors. Companies like BlueData OÜ, or Lipan Services OÜ facilitate and/or operate scams. These companies are also customers of the Lithuanian GlobalNetInt which is part of the network.

January 3, 2021

A Lithuanian Case – Compliance Issues, Law Enforcement, and Whistleblower Protection

FinTelegram lives on whistleblowers and fights together with them against scammers, cybercriminals, and money launderers. Protecting whistleblowers is FinTelegram's highest priority. We are aware that whistleblowers are hated and threatened by the villains they expose. Currently, whistleblowers in Lithuania who have provided valuable information to FinTelegram about scams, cybercrime, and money-laundering are being massively threatened. We are here to help and support them!

December 27, 2020

Jeton Review Update – The Gambling Payment Processor and its Cyprus-Turkish reseller network

In our review of the Jeton payment platform powered by FCA-regulated entities La Orange and Financial House, we registered and tested the Jeton Wallet app. After we uploaded the required documents for verification, it took just under 10 days for the verification to actually take place. To that extent, we were able to continue the review and learn more about functionality and the Jeton environment. Here's the update on that.

December 23, 2020

FinTech Review – High-risk payment processor Jeton

Jeton is operated by FCA-regulated agent La Orange Limited together with its FCA-regulated principal Financial House Limited. The payment service should be offered online via the website www.jeton.com as well as via the Jeton Wallet. Jeton offers its payment services to individuals and businesses (merchants). This is supposed to be done in a matter of minutes. The fact is that after more than a week, we still have no verification. According to their support, Brexit is to blame.

December 20, 2020

AML: Another Chief Compliance Officer departs from GlobalNetInt

Lithuanian GlobalNetInt has had an audit from the Bank of Lithuania in recent months. The company focused on high-risk clientele appears to have compliance, KYC, and AML issues. Among the clients are many forex and crypto firms as well as payment processors associated with and/or facilitating scams. The problems with compliance were also confirmed to us by a consultant. Now the Chief Compliance Officer (CCO) is also said to have left the company.