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Update Advcash: The European Front People Of The Russian High-Risk Payment Scheme!

High-risk payment processor Advcash and its network
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ADV2 is part of the Russian Advcash high-risk payment scheme, in which the Estonian national Olga Belova and Natalja Kauzova, along with Kauzova’s son, Aleksandr Kauzov, are the front people working for the Russian owners. Olga Belova and Aleksandr Kauzov are directors of Canada-registered Payean Finance Inc., and Natalja Kauzova is the sole director of the Lithuanian Payaen UAB. These entities are the operators of the ADV2 crypto payment platform.

The two Kauzovas also run Sanat OÜ (register data), a company specializing in trust management and corporate services that had a license from the FIU until February 2023, which has since been archived. They are also registered as a legal representative and beneficial owner in many Estonian companies.

Olga Belova is a pivotal figure in the Advcash scheme. She has a history spanning a decade at the now-insolvent NordPay Financial Ltd, an FCA-regulated payment institution. Belova, currently being investigated in Estonia for facilitating money laundering, has been instrumental in maneuvering Advcash and launching ADV2. The owner of defunct NordPay Financial accuses Belova of being responsible for the collapse of his company, which was directly connected with Advcash.

Allegedly, all Estonian bank accounts of Belova and Kauzova have been frozen. We have not been able to verify this information.

Another key figure in the Advcash scheme is the Maltese Norman Buhagiar, a close confidant of Olga Belova. He is a director of Finatex Malta Limited. Belova manages and owns the Estonian sister company Finatex OÜ. Belova and Buhagiar are directors and beneficial owners of Kaupmehe Invest, an Estonian consulting and technology company in the payment sector.

Advcash continues to operate out of Russia from its Russion owner Artem Shulepov under the supervision of GSL LAW.

Advcash Key Data

Trading namesAdvcash
ADV2
Business activityPayment processor and
e-wallet provider
Domainshttps://advcash.com
https://adv-project.com
https://adv2.com
Social mediaLinkedIn, Facebook
Legal entityAdvanced Cash Limited
ADV Project Limited
Payean Finance Inc. (ADV2)
Payean UAB (ADV2)
Contact data+44 2039 6615 42
[email protected]
JurisdictionsBelize, Canada, Lithuania
RegulatorBelize Financial Services Commission (FSC),
licenses MT 000107/97, PPS 000107/98.
Related individualsYaacov Bitton (LinkedIn)
Artem Abramov (allegedly dead)
Artem Shulepov
Max Eirich
Olga Belova (LinkedIn)
Norman Buhagier (LinkedIn)
Natalja Kauzova
Aleksandr Kauzov
PayRate42 Advcash profile on PayRate42 (orange)
Partner schemesADV2 (https://adv2.com)
Binance

Short Advcash Narrative

Over the last three years, we have found Advcash as a payment processor in many illegal broker activities. These included scams and illegal offshore activities of regulated brokers (mostly CySEC-regulated). Advcash, like Perfect Money, Payeer, or Garantex, is closely connected to the Russian market, merchants, and consumers.

Similarweb statistics for Advcash

According to the documents available, the Russians Artem Abramov and Artem Shulepov are supposed to be the beneficial owners of the Advcash scheme of which the Gibraltar-registered ADV Project Limited, a fintech solution provider, is said to be part. The Gibraltar entity was established in 2013 and, until March 2022, was controlled by Artem Shulepov. Since then, the German Max Eirich has appeared as the beneficial owner of the Gibraltar Entity.

A Similarweb analysis of the Advcash website shows that in the last 28 days before, most referral visitors came from Binance. Out of about 1.5 million monthly visitors, about 11% come from Russia.

Share Information

If you have any information about Advcash, its merchants, and its activities, please share it with us via our whistleblower system, Whistle42.

  1. advcashrevealed says:

    Hi, finally we get somewhere about ADVCASH

    Some corrections

    Abramov is dead first of all.. Max Eirich is a strawman and soon in jail.

    Mercuryo doesn’t provide BAAS for ADVCASH as far as we know, it is for ADV2

    Going a bit further on https://www.teatmik.ee/en/personlegal/11543519-Osa%C3%BChing-KAUPMEHE-INVEST

    A virtual capital made in Estonia of 120K EUR, most likely this company is the shareholder for ADV2 LT and CA

    If we look carefully on the directors, they are 3, the 3rd one Igor Ulrich, strawman but here to secure the power of the 2 other directors which means that this company has serious assets under control (shares of other companies)

    If we look also carefully at the financial reports, we can see that there was no business till the end of 2022, then a massive increase on 2022 Q3 427K EUR of turnover exactly at the same time when Aleksandr Kauzov was appointed director in November 2022 on PAYEAN FINANCE INC, the company is being used to launder money for ADVCASH, or at least till bank accounts were closed in Estonia.

    Stay tuned… coming the banks used by ADVCASH and account numbers.

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