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

EFRI urges European Banking Authority to act in the ING and Payvision case
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The European Funds Recovery Initiative (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.

The Open Letter To The European Banking Authority

EFRI, ever the vigilant watchdog, represents over 300 victims who’ve been fleeced of more than €15 million by a network of scam artists, including the infamous Wolf of Sofia, the convicted Israeli Gal Barak. The total damage? A cool €200 million. Here’s where it gets spicy: Payvision, under the guise of a legitimate payment processor, was actually the linchpin in this elaborate scam. The Dutch DNB (De Nederlandsche Bank) knew about this but opted for a mysterious game of hide-and-seek, keeping this critical information under wraps.

EFRI has therefore decided to send an open letter to the European Banking Authority (EBA) pointing out the disgraceful behavior of DNB, which is implicitly complicit in the misconduct of Payvision and ING.

Business partners of Payvision have confirmed to FinTelegram that ING already knew very well about Payvision‘s dirty business before the takeover. A significant part of the money from these dirty deals was processed via Payvision’s bank accounts at ING. The question arises as to whether ING “forgot” to apply KYC/AML procedures at Payvision. Especially if the clients are financial service providers, a bank like ING must also apply the Know-Your-Client’s-Clients (KYCC) principle. ING has obviously neglected to do so.

Since DNB has conducted an on-site audit of Payvision and consequently filed a criminal complaint with the competent law enforcement authority, DNB must also know to what extent ING was involved in these dirty deals. Disclosure of the DNB audit report is, therefore, imperative in the interests of the victims and in the interests of setting a precedent.

Read and download the open letter to EBA here.

Why the secrecy, DNB?

Scared of a little sunlight? ING, no innocent bystander, purchased Payvision for a whopping €360 million in 2018. One might think such a significant acquisition would come with a thorough background check. Apparently not. In the shadowy world of high-stakes finance, it seems profits trump principles.

The saga continues with DNB’s on-site inspection of Payvision, revealing a laundry list of violations – from ignoring fraud signals to neglecting anti-money laundering regulations. Despite these findings and a subsequent criminal complaint, DNB has remained tight-lipped, leaving victims and the public in the dark.

EFRI’s plea to DNB for transparency and support for victims has fallen on deaf ears. Their requests for parts of the inspection report, vital for legal battles and public awareness, have been met with a cold shoulder. Meanwhile, the architects of Payvision are allegedly setting up new payment processors. Talk about audacity!

The victims’ plight is heart-wrenching. Some have lost their life savings, while others have been driven to despair, with tragic consequences. The DNB’s silence and inaction are a slap in the face to these victims, who deserve justice and compensation.

EBA, It’s High Time To Take Actions

EFRI’s call to the EBA is a clarion call for accountability. It’s high time for the EU banking regulator to step up and scrutinize DNB’s hush-hush policy on Payvision. The financial sector’s integrity is at stake, and the victims’ cries for justice can’t be ignored any longer.

The fight against money laundering and financial crime in Europe demands more than just lip service; it requires bold action and unwavering commitment. EFRI is leading the charge, and it’s about time the regulatory bodies followed suit. The Payvision affair is not just a scandal; it’s a litmus test for the moral compass of Europe’s financial guardians.

CategoriesDNB EFRI

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