FinCrime Observer delves into the operations of Unlimint EU Ltd, trading as Unlimit, a high-risk payment processor regulated by the Bank of Cyprus and headquartered in Limassol. Our investigation centers on Unlimit‘s role in facilitating payments for 22Betgo, an online casino and betting platform operated by TechSolutions Group N.V., licensed in Curacao. Unlimit processes SEPA transfers for 22Betgo players, but our findings reveal a concerning practice that warrants discussion.
Unusual Payment Directions
According to UK and EU regulations, the correct recipient must be named in bank transfers under money laundering rules in Europe. This is part of the EU Funds Transfer Regulation, which aims to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. The regulation requires payment service providers to send complete (and correct) information about the payer and the payee with each transfer of funds.
When 22Betgo players opt to deposit funds via SEPA bank transfer, they are redirected to Unlimit‘s website for payment instructions. Here, they are instructed to transfer their deposits to Unlimint PSP FZ-LLC, located in the United Arab Emirates, rather than directly to 22Betgo. Consequently, players’ bank statements do not reflect a deposit to 22Betgo, as the transfers are made to a Unlimint account in Cyprus under the IBAN CY28902000010000020101008731.
The absence of 22Betgo‘s name on these transactions obscures the deposit’s purpose and complicates the process for players seeking chargebacks due to the lack of direct evidence linking their deposits to the online betting platform. Payments are ostensibly tracked and allocated to 22Betgo solely through a unique reference number provided by Unlimit.
Discrepancies in Corporate Representation
Unlimit‘s promotional materials boast the founding year 2009 and name Kirill Evstratov as its founder. The company has over 500 employees across 16 offices worldwide, including major financial hubs like London, Frankfurt, Singapore, São Paulo, Hong Kong, and Mexico. Notably, Cyprus, where Unlimint EU Ltd is regulated and headquartered, is conspicuously absent from the list of locations mentioned in their Media Kit.
This setup, involving payments to an entity in the UAE for services rendered by a Curacao-licensed online casino, raises significant questions about transparency and accountability in financial transactions associated with online gambling. The complexity and indirect nature of these transactions not only challenge the efficacy of anti-money laundering measures but also place an undue burden on consumers attempting to navigate the legal and financial ramifications of their online betting activities.
Call for Insight and Transparency
Given these findings, FinCrime Observer encourages stakeholders within the financial and regulatory ecosystems to scrutinize the practices of payment processors like Unlimit, which play pivotal roles in the online gambling sector. We also urge individuals with insights into Unlimit‘s operations or similar payment processing arrangements to come forward. Sharing information can help shed light on the intricacies of these financial transactions and promote a higher standard of transparency and accountability within the industry.
