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Tag: Alpesh Patel

Neglecting Eurojust Guidelines – Maltese Authorities refuse to investigate scam-facilitator Paytah

FIU Malta Ben -
Malta is greylisted for good reasons, mostly for their failing regulators. Malta-licensed, Phoenix Payments Ltd d/b/a Paytah, refuses to assist the many victims who wired money to the company to top their accounts with broker scams like RoyalsFX, LincolnFX, or CodeFX. Victims reported these transactions to the MFSA. The regulator replied that they would not investigate and asked the victims to report Paytah to the Central Bank of Malta, which replied that it would not investigate such complaints. The victims also emailed Kenneth Farrugia, the Director of Malta Financial Intelligence Analysis Unit, who did not reply.

New director joins Maltese Paytah amidst regulatory turmoil, money-laundering allegations, and victim claims

Illegal Broker Activities Ben -
The Italian Alpesh Patel has been appointed as a director of the MFSA-regulated Phoenix Payments Ltd, d/b/a Paytah. The regulator approved this appointment. One fails to understand how the MFSA and the FIAU have so far failed in clamping down Paytah. According to the former Chief Compliance Officer Daniela Pesci, the Maltese payment processor is being investigated by Interpol for money laundering issues. She filed public court documents against Paytah at Malta Courts show that she had her job terminated as soon as she flagged serious regulatory shortcomings.

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