CySEC-Regulated TCR in €220 Million Money Laundering Storm
A Cypriot monetary firm offering wealth administration products and companies has landed in sizzling water after suspicioustransactions price a entire bunch of millions. TCR Global Restricted, anfunding advisory store registered in Cyprus and licensed by local CySEC, nowfaces a French anti-cash laundering probe. Investigators insist the firmchanneled over €220 million of dubious funds from 2019
A Cypriot monetary firm offering wealth administration products and companies has landed in sizzling water after suspicioustransactions price a entire bunch of millions. TCR Global Restricted, anfunding advisory store registered in Cyprus and licensed by local CySEC, nowfaces a French anti-cash laundering probe. Investigators insist the firmchanneled over €220 million of dubious funds from 2019 to 2021.
Cypriot Investment CompanyCaught Up in Money Laundering Investigation
The probe,led by French anti-organized crime authorities, amenities around a entire bunch ofmillions of euros in “suspicious” transactions that flowed thruTCR Global’s accounts at BNP Paribas Securities Companies and products in France a fewyears ago.
Investigatorsare examining whether or now not the funds, which allegedly entire over €220 million, had beenof illicit initiating establish or had no economic rationale. The identification of TCRGlobal’s clients is moreover under scrutiny.
TCRGlobal gives funding advisory and asset administration products and companies globallyto corporations and excessive-rep-price americans. The firm is registered inCyprus and holds a “Cypriot Investment Company” or “CIF”license, the a similar style broken-down by FX/CFD brokers.
The CIF license became granted nearly 10 years ago. Offer: CySEC
FinanceMagnates sent a count on for commentary to TCR in the case of the alleged accusationstowards the firm. On the time of publishing this article, we now rep now not butacquired a response.
Alleged Links toSanctioned Russian Financial institution
Accordingto the French news outlet The worldleaked data existing links between TCR Global’s clientsand a Russian banker hit with EU and US sanctions over the battle in Ukraine. Theclients consist of Russian founders of monetary apps and that you presumably can even imagine shellcorporations.
Frenchauthorities opened their probe after receiving intelligence from USinvestigators examining monetary networks tied to the Wagner Community, a Russianparamilitary group.
BNP Paribas caught up in French cash laundering investigation – Le Monde https://t.co/CPV4D6Mioz pic.twitter.com/LCLpzZUUWS
— Reuters Trade (@ReutersBiz) December 26, 2023
The USDepartment of Justice sent French officials a formal count on for factualassistance in the case of TCR Global’s transactions thru BNP Paribas.Nevertheless, no proof straight connecting TCR Global to Wagner or itslate chief, Yevgeny Prigozhin, has emerged to this point.
Compliance Duties inFocal point
Theinvestigation goals to resolve whether or now not TCR Global and BNP Paribasfulfilled due diligence duties under anti-cash laundering laws.
Commenting for Le MondeTCR Global claimed it rigorously vetted clients and deniedany ties to illicit finance. Nevertheless, BNP Paribas terminated its custodyproducts and companies contract with the firm in January 2022.
The probehighlights the compliance challenges banks face when dealing with funds from shellcorporations. Sturdy “know your buyer” checks are principal touncovering suspicious transactions.
With TCRGlobal affirming its innocence and BNP Paribas staying silent, theconsequence of the French investigation remains unsure. Authorities face anuphill battle tracing the initiating establish of layered monetary flows and piercingcorporate veils.
A Cypriot monetary firm offering wealth administration products and companies has landed in sizzling water after suspicioustransactions price a entire bunch of millions. TCR Global Restricted, anfunding advisory store registered in Cyprus and licensed by local CySEC, nowfaces a French anti-cash laundering probe. Investigators insist the firmchanneled over €220 million of dubious funds from 2019 to 2021.
Cypriot Investment CompanyCaught Up in Money Laundering Investigation
The probe,led by French anti-organized crime authorities, amenities around a entire bunch ofmillions of euros in “suspicious” transactions that flowed thruTCR Global’s accounts at BNP Paribas Securities Companies and products in France a fewyears ago.
Investigatorsare examining whether or now not the funds, which allegedly entire over €220 million, had beenof illicit initiating establish or had no economic rationale. The identification of TCRGlobal’s clients is moreover under scrutiny.
TCRGlobal gives funding advisory and asset administration products and companies globallyto corporations and excessive-rep-price americans. The firm is registered inCyprus and holds a “Cypriot Investment Company” or “CIF”license, the a similar style broken-down by FX/CFD brokers.
The CIF license became granted nearly 10 years ago. Offer: CySEC
FinanceMagnates sent a count on for commentary to TCR in the case of the alleged accusationstowards the firm. On the time of publishing this article, we now rep now not butacquired a response.
Alleged Links toSanctioned Russian Financial institution
Accordingto the French news outlet The worldleaked data existing links between TCR Global’s clientsand a Russian banker hit with EU and US sanctions over the battle in Ukraine. Theclients consist of Russian founders of monetary apps and that you presumably can even imagine shellcorporations.
Frenchauthorities opened their probe after receiving intelligence from USinvestigators examining monetary networks tied to the Wagner Community, a Russianparamilitary group.
BNP Paribas caught up in French cash laundering investigation – Le Monde https://t.co/CPV4D6Mioz pic.twitter.com/LCLpzZUUWS
— Reuters Trade (@ReutersBiz) December 26, 2023
The USDepartment of Justice sent French officials a formal count on for factualassistance in the case of TCR Global’s transactions thru BNP Paribas.Nevertheless, no proof straight connecting TCR Global to Wagner or itslate chief, Yevgeny Prigozhin, has emerged to this point.
Compliance Duties inFocal point
Theinvestigation goals to resolve whether or now not TCR Global and BNP Paribasfulfilled due diligence duties under anti-cash laundering laws.
Commenting for Le MondeTCR Global claimed it rigorously vetted clients and deniedany ties to illicit finance. Nevertheless, BNP Paribas terminated its custodyproducts and companies contract with the firm in January 2022.
The probehighlights the compliance challenges banks face when dealing with funds from shellcorporations. Sturdy “know your buyer” checks are principal touncovering suspicious transactions.
With TCRGlobal affirming its innocence and BNP Paribas staying silent, theconsequence of the French investigation remains unsure. Authorities face anuphill battle tracing the initiating establish of layered monetary flows and piercingcorporate veils.
