Request For Information – Moorwand Ltd, UPayCard, And Illicit Payment Services

Moorand and UPayCard scheme

FinTelegram and the European Funds Recovery Initiative (EFRI) have been working for several weeks together with authorities and our registered members on the processing of the Payment Services Provider (PSP) scene for the illegal broker schemes. Without the willful or grossly negligent involvement of these PSPs, the billions in fraud against small investors would not have been possible. These PSPs have the data needed to identify the perpetrators of the illegal broker schemes and their funds.

Moorwand Ltd And UPayCard

Moorwand Ltd, registered in the UK, is a financial services provider registered with the UK Financial Conduct Authority (FCA). The French citizen Alain Bazille is the director and until recently was also the controlling person behind the company. He is also the Director of UK registered UPC Consulting Ltd, a company associated with Moorwand Ltd.

Moorwand Ltd has participated in several already identified illegal broker schemes through its UPayCard and provided payment services to them. These schemes, in turn, usually operate several domains (trading styles) via various operating companies. From the point of view of PSPs, these different trading styles (domains) are each registered as “merchants”. The frequent change of domains also the reason to avoid problems with Visa and MasterCard.

We recently published our findings on the what we call the “Euro Wealth-Novox” scheme around Zoltan Korcsog, Floris Pieter Bartel Waals and friends. Moorwand Ltd was involved with its UPayCard as PSP. This “Euro Wealth-Novox” scheme has operated at least 10 already identified illegal broker sites. Most likely we will discover more to come.

According to the information available to us, the UPayCard was also involved as a PSP in the Bluetrading– and Markets-Trading-Scams as well as in the BeAlgo-Algotechs– and KayaFX-GammaTech Scams.

Negligence Or Intention

In view of the massive involvement of Moorwand Ltd in UPayCard, there seems to be no negligence here, but willfully and knowingly conspired with them. Licensed PSPs are required to conduct the appropriate Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) checks. Failure to carry out these checks constitutes not only negligence but also a regulatory offense which may result in the termination of the license or permission. Similarly, a PSP may also be qualified as a contributor under criminal law for non-compliance with the required audit requirements.

Around the payment transactions of the UPayCard we find again and again the Kobenhavens Andelskasse and the recipient EW Trading Finance as partners for UPayCard can identify. The Bank is already under the supervision of the Danish Regulator due to problems with compliance with money laundering directives. According to the latest reports, four billion euros could have been laundered through the bank in 2017 and 2018. No vote of confidence

Request for Information

For further procedures and verification of investors’ claims against Moorwand Ltd and the UPayCard, please contact us for further information. These can be shared with our research team via the FinTelegram whistleblower system.