The Dutch authorities and media are now focusing on ING and its subsidiary, Payvision. Recently, the financial newspaper FD published a report detailing the Dutch regulator DNB’s investigation into alleged financial criminal activities involving Payvision. It is alleged that CEO Rudolf Booker personally instructed collaborations with scammers such as Gal Barak and Uwe Lenhoff, even after compliance departments raised concerns. Notably, Payvision executives have recently denied knowledge of any investigations in court filings.
Scam-Or Project and EFRI Allegations Confirmed
Since 2018, Scam-Or Project has been highlighting the activities of Payvision and Rudolf Booker. Despite facing threats and lawsuits, our allegations are now being corroborated by the Dutch regulator. In May 2022, the Dutch law enforcement agency FIOD conducted office raids, seizing extensive materials that are currently under evaluation. It is anticipated that this evidence will confirm Payvision’s role as a facilitator of cybercrime and money laundering.
The European Fund Recovery Initiative (EFRI), led by Elfriede Sixt, represents hundreds of victims defrauded by Payvision’s clients. EFRI has submitted numerous complaints and reports to relevant regulators and raised awareness through social media platforms. In response, Payvision and its executives have engaged legal teams to counter these allegations.
In recent court proceedings, Payvision’s new management claimed that no investigations by regulators or law enforcement agencies were underway. However, it has come to light that executives, including Andre Valkenburg and Maria Alida Johanna Ruijters Terpstra, were aware of the DNB investigations and the serious allegations since October 2020. Despite this, they continued to engage with high-risk merchants personally onboarded by CEO Booker.
They All Knew
According to the FD report, referencing findings from the DNB report, Payvision’s compliance team was aware of the fraudulent activities of clients like Gal Barak and Uwe Lenhoff. The compliance department intended to file suspicious activity reports, freeze funds, and terminate these customer relationships. However, Rudolf Booker allegedly instructed the continuation of business as usual, thereby deliberately facilitating and abetting the scammers’ fraudulent activities against tens of thousands of victims.
The ING Disgrace
The situation raises questions about ING’s handling of the Payvision debacle. There is a growing call for ING to compensate all victims affected by Payvision’s facilitation of scam clients. The FD notes that the entire Payvision board now faces allegations of financial crimes by prosecutors.
It would be a positive step for ING to engage directly in negotiations to address the harm caused by Payvision’s scam customers. Thus far, ING has left these negotiations to Payvision and their legal representatives, who have focused more on countering EFRI than finding solutions for the victims. It is time for ING to take an active role in resolving these issues and providing restitution to the victims.