According to a report by De Nederlandsche Bank (DNB), criminal investigations have been launched against Payvision, the Dutch media outlet FD reports. The Amsterdam-based ING subsidiary allegedly deliberately neglected money laundering controls for years. The Dutch regulator DNB reportedly warned ING about the deficiencies several times but saw little improvement. According to a FinTelegram report, Payvision, Rudolf Booker, and Cheng Lim Li are the suspects in this criminal case.
The Office Raid
Officials from the FIOD, the Dutch law enforcement agency responsible for investigating financial crimes, raided Payvision offices last May and seized many thousands of emails, meeting minutes, and dozens of customer files, and reported sources around the criminal investigation. The FIOD also seized numerous documents from ING. The prosecutor’s office confirmed that criminal proceedings were initiated in 2021 following the DNB report.
The Devastating Regulatory Report
Regulator DNB sent a devastating investigation report to the Payvision board in October 2020. DNB alleges that the payment company had severely violated regulatory rules and the Money Laundering and Terrorist Financing Act. The regulator described in detail how Payvision systematically neglected customer controls and anti-money laundering compliance even after ING acquired the payment processor.
Justice suspects payment processor Payvision of making suspicious transactions worth tens of millions of dollars for many cybercrime operators between 2015 and 2020. The company allegedly ignored fraud signals and deliberately failed to verify some customers.
Suspects also include founders and former directors Rudolf Booker and Cheng Li. Both said that they were unaware of the criminal case.