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Tag: Kaliax Pay

March 15, 2022

Money-laundering! The license of Lithuanian Trustcom has been revoked!

The Bank of Lithuania informed that the license of the notorious Italian-Lithuanian Trustcom Financial UAB has been revoked. Bankruptcy proceedings will be filed, criminal investigations have been initiated in Lithuania, Latvia, and Italy due to the possible organization of money laundering by its Italian CEO Marco Spinola and his partner Michele Scognamiglio. They are the beneficial owners of the financial institution. Thus, these guys can no longer be deemed "fit and proper" to run a licensed financial institution, the Bank of Lithuania remarked.

November 16, 2021

The calamities of Lithuanian high-risk payment processor Trustcom!

A Lithuanian law firm representing a Bulgarian and a Portuguese company in disputes with the regulated Lithuanian high-risk payment processor Trustcom Financial UAB, which froze the funds of these companies. This case turned into a criminal investigation conducted by the Lithuanian authorities. They suspect money laundering in the amount of more than €1 million in the context of their clients, they say. Another report by Lithuanian online news site Delfi said the Lithuanian FNTT had fined the company €125,000 for money laundering.

September 27, 2021

R4I – Regulated Lithuanian high-risk payment processor Trustcom Financial

Trustcom Financial has continuously appeared on our scam radar as a payment processor over the past few years. Scam operators have been directing deposits from their victims to Lithuanian companies with their bank accounts at Trustcom. While the Bank of Lithuania regulates Trustcom Financial UAB with authorization code LB000438, it is an Italian venture controlled by Michele Scognamiglio. The close relationship with the Georgian tax advisor Business Service Distribution LLC (BSD) is of utmost interest. We want to know more about the Trustcom group and BSD.

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.