The extent of the two scandals surrounding the Georgian-Ukrainian-Israeli scam broker network of the Milton Group on the one hand and the money laundering of the Danish KBH Andelskasse on the other hand is involving exponentially. Authorities from Spain via Denmark to Ukraine are currently conducting intensive investigations. Whistleblowers and victims have provided us with bank details to trace the scammers. As the victim cases of the Milton Group scams, FXPrime and InvestingPro expose.
On February 11, the FCA-licensed e-money institution ePayments System has been ordered by the FCA to suspend all activity for “an indefinite period.” The regulator found “a number of weaknesses” in its anti-money-laundering (AML) controls. ePayments Systems is one of the big e-money institutions in the UK with over a million private accounts and more than 1,000 business accounts. Allegedly, the company has issued more than 75,000 prepaid cards as a principal issuer of Mastercard. It booked profits of more than £18m on revenues of almost £28m in the year up to the end of April 2019, with a whopping 66% gross profit margin according to Alphaville. Its director Robert Courtneidge resigned on February 17, 2020.