In October 2018, the scandal bank Københavns Andelskasse (KBH Andelskasse) was taken over by
Involved payment services providers
According to the auditing firm KPMG, KBH Andelskasse had three large clients who were suspicious and had made the vast majority of the suspicious international payments. These three clients are well-known names in the international broker scam scene:
Until at least May 2019, the UK registered companies Moorwand Ltd and UPC Consulting Ltd were controlled by Alain Bazille (LinkedIn profile) These two companies were and are massively involved in illegal and fraudulent broker scams as FinTelegram has reported several times.
Chargepay B.V., based in Amsterdam, is a payment service provider that is massively involved in the porn and gambling sector.
Hundreds of millions laundered ignoring thousands alerts
KPMG stated in its audit report that the bank failed to conduct proper KYC/AML checks with these three clients. KPMG also found that since August 2017, the bank had not dealt properly with the more than 8,000 money laundering alerts triggered by customer transactions.
In total, some €550 million were transferred to KBH Andelskasse from foreign bank accounts between October 2017 to September 2018. Almost the same amount has been transferred by the bank to foreign customers. Of course, that’s the money laundering game.
183 foreign customers triggered most of the money-laundering alarms, but most of the alarms remained unprocessed until spring 2018 when the Danish Financial Supervisory Authority marched in and subsequently reported the bank to the Bagman Police (Source: BorsenPro.dk).
The Marshall Islands connections and the usual suspects
The Marshall Islands-registered Capzone Invest was one of the 183 foreign companies that had an account in the KBH Andelskasse. The company was blacklisted by regulators for offering investment products without the respective permission. In December 2018, the Ukrainian police carried out a large-scale office raid in the company’s
The bank’s 183 foreign customers came from online casinos, cryptocurrency exchanges, FOREX trading platforms (including CFDs and binary options), cannabis retailers and a variety of payment services.
25 of the bank’s foreign customers are accused of withdrawing money from people’s credit cards without permission – typically after people have used their cards on websites with pornographic content.
Moorwand people involved
Alain Pierre Bazille is a notorious payment veteran who specializes in high-risk to illegal businesses such as gambling or broker schemes. His companies are therefore the first address for cyber scammers. Bazille was born in France in 1952, but lives and works primarily in the UK. Moorwand Ltd, which he co-founded, is an FCA-licensed financial services provider that also operated the UPayCard and Paxept payment services platform until April 2019. He works closely with Dana Sliman Yacin and Pola Sliman Yacin (LinkedIn profile) After FinTelegram made UPayCard‘s many scam involvements publicly known, the payment platform was quickly transferred to the Cyprus-registered PAP Onpoint Services Ltd.
In April 2018, Robert Courtneidge was appointed as director of Moorwand Ltd. In May 2019, Alain Bazille resigned as director. In March 2019 Courtneidge also replaced Bazille as the controlling person of Moorwand Ltd. Additionally, the UK citizen Wael Sulaiman Almaree was registered as a person with significant control in May 2019 (Source: UK Companies House).
- Alain Pierre Bazille – founder and manager Moorwand, UPayCard, UPC Consulting
- Robert Courtneidge – a person with significant control of Moorwand
- Wael Almaree – controlling shareholder Moorwand, CEO of Moorwand Lithuania UAB, and shareholder of KHB Andelkasse
- Dana Sliman Yacin – UPC Consulting Ltd.
- Pola Sliman Yacin – Paxept Payments Ltd
Moorwand involvement in KBH Andelskasse
According to KBH Andelskasse‘s internal emails, the three payment partners mentioned above accounted for between 80-90% of the volume of international payments in 2017. According to a statement by the bank’s then CFO Jakob Guido Klausen, the bank’s Moorwand review was disastrous. The bank would have virtually no information, he said (Source: BorsenPro.dk).
According to various newspaper reports, Wael Almaree, one of the controlling shareholders of Moorwand Ltd was also a person with significant control in KBH Andelskasse. Moorwand and KHB Andelkasse are therefore to be regarded as related companies.
These are the two UK clients, the payment service provider UPC Consulting and its parent company Moorwand, whose CEO Wael Almaree was a major shareholder in the cooperative fund. They triggered a total of 480 money laundering alarms in the cooperative’s IT systems.Source: BorsesenPro.dk (translated by FinTelegram)
Moorwand, as a customer of KBH Andelkasse, has triggered 480 money laundering alerts in the bank’s IT system alone. Shortly before the bank was transferred to the state-owned Finansiel Stabilitet, millions of crowns are said to have been frozen in the accounts of Moorwand (Source: Borsen.dk)
Moorwand – PSP of choice for broker scams
Moorwand, UPC Consulting have been involved in many broker scams in recent years and have facilitated investment fraud schemes and the subsequent money laundering. While UPayCard handled the credit card payments of the broker schemes, UPC Consulting Ltd and Moorwand Ltd handled the bank transfers of the customer victims. A significant part of the stolen customer funds from the broker schemes ended up in the accounts of KBH Andelskasse.
- Bank: KBH Andelskasse
- Account holder: Moorwand Ltd
- IbAN: DK3878720006600337
- Bank: KBH Andelskasse
- Accountholder: UPC Consulting Ltd
- IBAN: DK6878720006602028
Schemes and brands facilitated
- Maketier Holdings (StoxMarket)
- GammaTech (KayaFX)
- Blue Trading (handled withdrawals)
- Nostro Technology (see report)
- BeAlgo – Algotechs
- XTraderFX (handled withdrawals)
A simple calculation
If the published numbers are correct, then we can make a simple calculation and estimate how much money was actually funneled over Moorwand, UPC Consulting, and ChargePay.
- total money laundered via KBH Andelkasse within one year (Oct 17 – Sept 18): €550 million
- Share of Moorwand, UPC Consulting, and ChargePay: 80%
- Estimated money laundering volume annually: €440 million
- Estimated money laundered between 2016 and 2018: €1,310 million
This calculation is of course just an educated guess. We currently have no access to the criminal files and have to work with the officially available data. But the amount of more than one billion does not seem unrealistic for the three years between 2016 and 2018. In this time we have experienced the hype around the binary options and also the crypto hype.