Experts from Transparency International Russia (in exile) have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade.
This research examines the sophisticated trade of verified business bank accounts, often exploited by criminals to obscure large-scale financial transfers. The investigation highlights significant regulatory gaps and the use of dark web marketplaces where these accounts are sold, often registered under false identities with genuine documents. The study reveals that high-risk profiles, including politically exposed persons (PEPs and complex corporate structures exacerbate these risks.The report identifies several e-payment platforms, which have been exploited for money laundering. The report highlights that despite stringent AML procedures, 18% of all Defence Against Money Laundering (DAML) suspicious activity reports in the UK emanate from the e-payment sector, underscoring its disproportionate vulnerability.
The research also uncovers the role of dark web markets where verified business accounts are sold, facilitating transactions involving large sums of money. The findings emphasize the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector. They call for more rigorous enforcement and oversight mechanisms, emphasizing the role of technological advancements in monitoring and detecting suspicious activities. The study illustrates the necessity of enhancing due diligence, especially concerning high-risk connections, and implementing more robust monitoring systems to safeguard financial integrity.Additionally, the report references the latest findings from Wirex’s initiative against dark web activities and money mules, showcasing significant steps taken by industry players to combat financial crimes. This development highlights the effectiveness of implementing robust security protocols in e-payment platforms.
