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UK Moorwand’s UPayCard On The Run From FCA To Cyprus

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It doesn’t need a rocket scientist to recognize that PSPs involved in illegal broker schemes will face problems with victims and financial market supervisory authorities. In particular, the PSPs regulated by financial market supervisory authorities will have to answer many questions in this regard. PSPs are by law required to check acquired “Merchants” through proper Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) procedures. There is no need for particularly intensive KYC/AML checks to identify illegal broker schemes and fraudulent operators. Alarm bells for PSPs must ring at the latest when investor warnings from regulatory watchdogs reach the market. And measures have to be taken to avoid punishment by regulators and courts.

Moorwand Facilitated Investment Fraud

Moorwand Ltd, registered with the UK Financial Conduct Authority (FCA) as Authorised Electronic Money Institution, was either knowingly and willfully or negligently involved in numerous illegal broker schemes as fraud-facilitating PSP. FinTelegram has been reporting on Moorland since March 2019 and published a “Request for Information” early April 2019. So far we have been able to identify the following broker scams that have worked with Moorwand and their UPayCard in collaboration with EFRI:

There will probably be many more scams that have used the UPayCard brand from Moorwand Ltd to conduct their illicit business, cheat customers, and launder money.

Moorwand Transfers UPayCard To Cyprus

According to FinTelegram reports, the FCA-regulated Moorwand Ltd (registration number 900709) separated from its UPayCard brand (website: www.upaycard.com) and transferred it to the Cypriot PAP Onpoint Services Ltd. On the FCA profile page of Moorwand Ltd, one can learn that this domain and brand transfer became effective on 16 April 2019.

Moorland Ltd on the FCA profile page
Moorland Ltd records on FCA profile page

We currently lack further details on this transaction but our research team continues to work on the Moorland & UPayCard case as part of the EFRI campaigns anyway. The newsletter sent out on 22 April 2019 does not contain any further details either.

It seems that the Moorwand Ltd of Alain Bazille is trying to avoid problems with the supervisory authority FCA in the UK with this removal of UPayCard. We have already experienced such management in connection with illegal brokers and registered financial service providers on several occasions. Increasing complaints from cheated customers of broker scams ultimately also lead to the PSP involved. By closing down or transferring their Trading Styles (brands) involved, the PSPs then try to argue that they actually have nothing more to do with it. Others would be to blame. Unfortunately, more often than not this strategy works. Sometimes regulators impose a small fine and that’s it.

In the case of Moorwand and UPayCard, however, this argument and procedure will not hold water. The FinTelegram research team has enough evidence that Moorwand was massively involved in the illegal payment transactions and money laundering surrounding the broker scams and moved millions of investor funds. Not only for credit card payments but also for bank transfers made through Moorwand’s bank accounts.

Report activities and transactions

If you have information about the processing of payment transactions through Moorwand Ltd and its UPayCard brand, please report it to the FinTelegram Research Team via our whistleblower system. Together we can make online investments safer.

3 Comments

  1. Marie-Jose Toerring Marie-Jose Toerring May 2, 2019

    Hello,
    Have once mentioned this:
    Was bluetrading investor. My 2nd duccessful withdrawal of 1000€ was sent by another PSP named Unicapital, equally by UPaycard:

    Kontoinhaber/-in Dr. Marie-Jose Toerring
    Betrag
    1.000 ,00 EUR
    Buchungstag
    04.02.2019
    Wertstellung
    04.02.2019
    Buchungstext
    Unicapital Ltd SEPA-ÜBERWEI, SUNG SVWZ+ Upaycard?385798? 874340?001?Purpose?Commissi on EREF+ MT0000260882.

    Kind regards
    Marie-Jose Toerring

  2. edward turton edward turton May 23, 2019

    I was scammed by a clone company, Marcel Miler, operated by a French man who called himself Pierre Leclair who got me to transfer my money to Moorwand in October 2018..
    I believe this man is Alain Pierre Jacques Bazille who was a director of Moorwand until 15th May 2019.
    Regards
    E V Turton

  3. edward turton edward turton May 23, 2019

    sorry not Pierre Leclaire. That should read Phillipe Leclair

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