Tag: Verified Payments

On 5 May 2022, FinTelegram reported a regulatory audit of Verified Payments UAB d/b/a Verifo (www.verifo.com). The entity is regulated by the Bank of Lithuania, which scheduled an audit from May 6 to June 23, 2022, to assess the institution’s compliance with applicable anti-money laundering and terrorist financing requirements. FinTelegram has received a copy of the regulator's letter and additional insider information. Verifo sent a compliant to FinTelegram, which we publish in part below as a courtesy:

The Bank of Lithuania notified the e-Money Institution (EMI) Verified Payments UAB d/b/a Verifo (www.verifo.com), regulated by license no. 27, of an audit to be conducted during the period from May 6 to June 23, 2022. The purpose of the audit is to assess EMI's compliance with applicable anti-money laundering and terrorist financing requirements. In addition to the online banking platform Verifo, EMI also operates a white-label banking solution to leverage its license.

The Trade Com Racket is believed to have a headquarters in Albania. JPM Capitals, ProfxCredit, FMA Crypto, Coinmond, GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are part of the racket. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV followed. The racket offers the trading app TopEuroFX for free download in the Google store. As facilitating payment processors, we have recently discovered Payecards, the Estonian Woodstock OÜ, the UK Cashaa Technologies Ltd, and Net Kantor.

GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are associated with a Trade Com Limited, which does not appear to exist. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV. Until recently, the Google App Store offered the Spotfinex trading app. This has been renamed TopEuro FX (www.topeurofx.com) and is still available for download. As facilitating payment processors, we have discovered Payecards and Estonian Woodstock OÜ with the Lithuanian e-Money Institution Finolita Unio.