As reported previously, the Lithuanian Financial Crime Investigation Service (FCIS) has imposed a record fine on the payment processor Payeer, totaling nearly €9.3 million, for significant breaches of international sanctions and anti-money laundering (AML) regulations. This development corroborates FinTelegram’s previous investigations into Payeer‘s Russian connections and its role in laundering money for scammers, further solidifying FinTelegram’s reputation as a leading financial intelligence provider.
The FCIS Findings
Payeer UAB, operating from Lithuania, was found to be in breach of international sanctions laws for over 1.5 years. During this period, the company serviced at least 213,000 customers, generating revenue exceeding €164 million. The FCIS’s investigation revealed that Payeer facilitated transactions for Russian customers, allowing them to conduct business with sanctioned Russian banks and entities. Payeer was found to have deliberately circumvented legal requirements to maximize its revenue. The company failed to properly determine and verify the identities of its clients, a fundamental aspect of AML compliance. By neglecting these substantive requirements, Payeer effectively opened the door for illicit transactions and money laundering activities, undermining the integrity of the financial system.
Frequent changes in legal forms and jurisdictions
Since its inception in 2012, Payeer has frequently changed its legal personality and jurisdiction in recent years. We have summarized the main changes to the legal entities and jurisdictions in the table below:
| Year | Legal Entities | Jurisdictions | Related Individuals |
|---|---|---|---|
| 2012 | Payeer Rus LLC | Moscow, Russia | Evgenia Nikolaevna Kosolapova |
| 2013 | Payeer Rus LLC (ООО “ПЭЙЕЕР РУС”), PB24 Corp | Moscow, Russia; Panama | |
| 2014 | Akkord Welt LP, Payeer LLC, Payment Solutions Ltd, Mayzus Financial Services Ltd | Scotland; British Virgin Islands; UK | Elena Kulbikova Sergey Mayzus |
| 2015 | Payeer LLC (Georgia), Payeer LLC (Russia), Akkord Welt LP | Georgia; Russia; Scotland | Elena Kulbikova Konstantin Buryachenko |
| 2018 | Runwill Sp. z o. o. | Poland | |
| 2019 | Paycorp Limited | Vanuatu | |
| 2020 | Fincana OÜ Paycorp Limited | Estonia; Vanuatu | |
| 2021 | Payeer OÜ Paycorp Limited | Estonia; Vanuatu | Lyubov Svezhentseva Ekaterina Olegovna Gorshkova Anton Stjopotškin Dmitrii Bondarenko Toomas Taro |
| 2023 | Payeer UAB | Lithuania | Artem Burdasov |
| 2024 | Payeer E.A.S | Paraguay |
Compliance Check
The company held a crypto license from the Estonian FIU until the end of 2022 but voluntarily returned this license when the Estonian FIU threatened to revoke it. In early 2023, Payeer then officially moved to Lithuania and registered there as a crypto service provider via Payeer UAB.
The move to Paraguay then took place sometime in Q2 2024. Payeer‘s most recent user agreement requires users to accept Payeer E.A.S. in Paraguay as a legal entity and at the same time provide a correspondence address in London. This address belongs to MYCO Works, which operates a co-working space there.
It is noteworthy that the Lithuanian company Payeer UAB is missing from the user agreement, suggesting that Payeer has moved its operations to Paraguay in anticipation of FCIS sanctions.
It remains unclear what, if any, regulatory approvals Payeer has to operate in Europe, North America and other regions. The company appears to be operating without a valid license or permit, raising significant concerns about compliance with local and international regulations.
Our review on July 11, 2024 found that EU citizens from various countries were able to register with Payeer without any issues. Before the KYC check was completed, we could have deposited $15,000 via Volet or the Russian Perfect Money. In addition, unlimited deposits with cryptocurrencies were possible before the KYC check. These findings show that Payeer‘s KYC procedures remain inadequate, justifying the penalties imposed by the FCIS.
Due to the significant fine imposed by FCIS, unclear regulatory status and continued AML/CFT violations, the cyberfincence rating agency PayRate42 maintained its Red Compliance and Red Risk Rating for Payeer. Users are advised to exercise caution and be aware of the potential risks associated with the use of Payeer services.
Go to the Payeer profile on PayRate42.
Key data Payeer
| Trading name | Payeer |
| Business activity | high-risk payment processor, crypto exchange, merchant service prodiver |
| Domain | https://payeer.com https://payeer.cc |
| Legal entities | Payeer OÜ (Estonia) Payeer UAB (Lithuania) PayCorp Limited (Vanuatu) Fincana OÜ (Estonia) Runwill Sp. z o. o. (Poland) PAYEER LLC (Georgia) FINGATE LLC (Georgia) AKKORD WELT LP (Scotland) Worldwide System K/S (Denmark) Mayzus Financial Services Ltd (UK) PAYMENT SOLUTIONS LTD (BVI) PAYEER RUS LLC (Russia) PB24 CORP (Panama) |
| Related individuals | Anton Stjopotškin, Estonia (UBO) Joseph Olatilewa Jaiyeola, Estonia Ekaterina Olegovna Gorshkova, Russia Liubov Svezhentseva, Russia Kosolapova Evgenia Nikolaevna, Russia Elena Kulbikova, Russia Sergey Mayzus, Russia Dmitri Allikas (old) Stanislav Lattu (old) |
| Jurisdictions | Estonia, Vanuatu, Russia, BVI, Poland, Panama, Georgia, Denmark |
| Regulators | FCIS (Financial Crime Investigation Service) Lithuania VFSC |
| Trustpilot rating | 4.8-star rating with an “Excellent” trust level |
| PayRate42 rating | Red Compliance (Payeer profile) |
| Facilitated schemes | PO Trade, Pocket Option, Capital Letter, FXTradePremiums, Deal Trade Optimus Markets, Spintop Capital, SuperForex and counting |
Whistleblower Request
We would like to know more about the Payeer Group, its beneficial owners and partners and activities. If you have any relevant information, please let us know via our whistleblowing system, Whistle42.
