Tag: ING

The danger of money laundering with stablecoinsT
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December 22, 2024

Tether’s Unbelievable Bet: Investment in StablR Raises Red Flags Over Links to Cybercrime and Financial Scandals

Tether, the world’s leading stablecoin issuer, has shocked the crypto and financial world by investing in StablR, an EU stablecoin issuer run by former Payvision COO Gijs op de Weegh. This move raises serious questions about Tether’s due diligence processes and ethical commitments, as StablR’s leadership is tied to one of Europe’s most notorious financial scandals involving cybercrime facilitation. Crypto investors and stablecoin users should proceed with caution.
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Ralph Hamers and his dark legacyR
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September 12, 2024

Ralph Hamers and ING’s Money Laundering Scandal: A Pending Indictment and Comparisons to Swedbank’s Case

Former ING CEO Ralph Hamers continues to face legal scrutiny for his role in ING's involvement in large-scale money laundering activities. Although the bank settled with Dutch authorities in 2018, paying a €775 million fine, Hamers has yet to be personally charged. Despite a Dutch court's order, prosecutors have yet to formally indict him, raising questions about the pace and priority of anti-money laundering (AML) enforcement in the Netherlands compared to other EU jurisdictions.
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JPMorgan versus ING with Frank and PayvisionC
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August 9, 2024

Comparative Analysis: The Divergent Approaches of JPMorgan and ING to Failed FinTech Acquisitions!

JPMorgan Chase, a financial powerhouse in the U.S., and ING Group, a dominant banking institution in the Netherlands, have both ventured into the acquisition of FinTech companies to expand their digital capabilities. However, these acquisitions' strategies and subsequent management have diverged significantly, reflecting differences in corporate governance, regulatory environments, and responses to crises. Here is our comparative analysis.
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Payvision and Rudolf BookerQ
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August 4, 2024

Questioning the Transparency in the Biography of StablR Founder Gijs op de Weegh!

In the rapidly evolving landscape of cryptocurrency regulation, the European Union's Markets in Crypto-Assets Regulation (MiCAR) emphasizes the need for maximum transparency, particularly for stablecoin issuers. The former Payvision founder and COO, Gijs op de Weegh, founder and CEO of the new stablecoin issuer StablR, recently presented a piece of partially accurate biographical information that can mislead potential investors.
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Payvision with Tornado Cash and a compromised judicial systemH
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July 14, 2024

Hall of Shame: The Disgraced Dutch Judicial System And the Money Laundering Charges Against Payvision and Tornado Cash!

The Netherlands is increasingly becoming a worldwide legal disgrace, particularly in the realm of financial crime. The Dutch judicial system appears to be fundamentally flawed and biased, as evidenced by the comparative analysis of the Tornado Cash and Payvision cases. Dutch prosecutors investigated both cases. One was settled out of court and one was tried. This disparity underscores a failure or even an abuse of the Dutch judicial system.
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Disgraced payvision founder Rudolf Booker and his yacht KissD
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May 15, 2024

Dutch Justice Scandal: Payvision CEO Walks Free While Tornado Cash Developer Faces Draconian Sentence!

The Dutch judiciary's handling of the Payvision scandal exposes a shocking double standard, tarnishing Amsterdam's reputation as a financial center. Despite extensive evidence of Payvision CEO Rudolf Booker's direct involvement in money laundering for cybercriminals, Dutch authorities closed criminal investigations against him, citing lack of intent. In stark contrast, Tornado Cash developer Alexey Pertsev received a harsh five-year sentence for creating open-source software allegedly used for similar activities. This glaring inconsistency highlights a judiciary willing to let powerful executives escape justice while punishing lesser figures, underscoring a monumental scandal that demands rectification.
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Gery Shalon with Veltyco Group Uwe Lenhoff and Dirk-Jan BakkerU
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May 2, 2024

Update on the Gery Shalon Case: New Investigations May Result in New Charges!

In a dramatic unraveling that has captured the attention of the global financial cybercrime crime scene, Gery "Gabi" Shalon, a Georgia-born Israeli citizen, stands as a significant figure. Charged in a 23 count Indictment by U.S. prosecutors on November 9, 2015, Shalon's alleged crimes span computer hacking, securities fraud, aggravated identity theft, illegal online gambling, illegal money transmitting business, and money laundering.
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ING Bank under fire over money laundering issuesU
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April 9, 2024

Unraveling ING Group’s Transparency and Legal Challenges: A Critical Examination for FinTelegram

In recent years, ING Group has found itself ensnared in a web of legal and regulatory challenges that cast a shadow over its compliance practices and transparency with investors. Notably, the Dutch banking titan faces a lawsuit from institutional investors, demanding over €500 million in damages. The crux of this legal battle centers around alleged transparency deficiencies, particularly regarding the disclosure of money laundering investigations that came to light in spring 2017.
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ING Bank under fire over money laundering issuesM
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March 26, 2024

Money Laundering: Investors Initiate Legal Action Against ING for Over Half a Billion Euros in Damages!

A group of over 130 institutional investors took legal steps against ING and certain former executives, issuing a writ of summons for damages exceeding €600 million. This action stems from accusations against ING for failing to disclose crucial information regarding alleged corrupt activities and breaches of anti-money laundering laws at ING Bank. This lawsuit follows a substantial €775 million fine paid by ING in 2018 for similar violations.
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EFRI urges European Banking Authority to act in the ING and Payvision caseE
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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.
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T1 Payments with Donald Kasdon and Amber Fairchild with PixxlesI
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October 29, 2023

Interpretation and Summary of Court Order in the Bankruptcy Proceedings Against T1 Payments

U.S. high-risk payment processor T1 Payments was once the partner for ING's now-closed Payvision subsidiary. T1 Payments faced numerous lawsuits from merchants alleging fraud and fled into bankruptcy in January 2023. The payment processor was run by Donald Kasdon, his mother Debra Karen King aka Debra Karen Kason and his fiance Amber Fairchild. The later founded the FCA-regulated e-Money Institution Pixxles Ltd.
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Payvision the Dutch WirecardB
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September 27, 2023

Business Insider reports on the EFRI lawsuits filed by scam victims against ING and Payvision!

FinTelegram has reported a number of stories since 2018 about Dutch FinTech Payvision's involvement as a payment processor in broker scams. Payvision was acquired by major Dutch bank ING in 2018 and continued its illicit activities. The European Fund Recovery Initiative (EFRI) has coordinated victim lawsuits against supporting payment processors like Payvision for years. Business Insider has now also reported on these lawsuits.
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