Among the high-risk payment processors, the FCA-regulated eMerchantPay has emerged as a notable entity, according to findings reported by FinTelegram. Recently, eMerchantPay has been primarily known for its involvement in the online casino sector through its eZeeWallet scheme. However, the payment processor was also one of the facilitators of the scams of Gal Barak and his cybercrime organization E&G Bulgaria.
The company’s history includes allegations of being used as a conduit for laundering money by Gal Barak‘s cybercrime organization, which has since collapsed. This association places eMerchantPay in the spotlight for its potential role in aiding illicit financial activities.
Further casting a shadow on eMerchantPay‘s operations is the resignation of its auditor in 2023. The resignation was reportedly due to serious concerns regarding the company’s accounting practices and governance structures. Such concerns are particularly significant in the financial sector, where transparency and adherence to regulatory standards are paramount.
eMerchantPay‘s situation underscores the challenges and risks associated with high-risk payment processors in the financial landscape, especially those operating in segments like online gambling. The role of such entities in potentially facilitating fraudulent activities and their governance and financial reporting practices remain critical areas of scrutiny for regulatory authorities and observers in the field of financial crime prevention.
Report Financial Wrongdoing
If you have any information about financial wrongdoings, please let us know via our whistleblowing system, Whistle42.
