An article from KYC 360 on 27 July, citing an article in The Times, reported that, according to a report commissioned by the owners of FBME Bank in Cyprus, a Mastercard executive was allegedly involved in a money laundering operation at a bank accused of terrorist financing and organised crime that had links to Wirecard.  The report was commissioned after FinCEN froze FBME out of the US banking system in 2014, having accused it of being used by customers to “facilitate money laundering, terrorist financing, transnational organised crime, fraud, sanctions evasion and other illicit activity”.  The report is said to have found an operation which allegedly involving hundreds of thousands of phantom transactions created to “circumvent or outmanoeuvre” anti-fraud and AML systems within Visa and Mastercard.



Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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