Wirecard has been implicated in a new report on alleged criminal activities by a Mastercard executive operating at the FBME bank in Cyprus.
Controversial German payments processor Wirecard — the issuer of several crypto debit cards — has been implicated in a new report on alleged criminal activities by a Mastercard executive operating at the troubled FBME bank in Cyprus.
In 2014, the United States’ Financial Crime Enforcement Network had banned US financial institutions from dealing with FBME after the bank was accused of being used to “facilitate money laundering, terrorist financing, transnational organized crime, fraud, sanctions evasion and other illicit activity.”
The allegations included facilitiating the processing of money tied to the Syrian chemical weapons’ program and internet child sex abuse, according to a July 27 report from The Times.
FBME’s purported ties to Wirecard
FBME is reported to have ties to Wirecard via an unnamed key client, which has itself recently become mired in its own scandal after being unable to account for a missing $2.1 billion in cash on the company books.
The uncovering of the missing funds spurred Wirecard to file for insolvency and resulted in the arrest of the firm's CEO, Markus Braun, in Germany.