A formal appeal has been made to ING CEO Steven van Rijswijk and the Dutch Central Bank (DNB) President Klaas Knot, urging them to take responsibility for the actions of former ING subsidiary Payvision, particularly its involvement in processing payments for fraudulent broker schemes across Europe.
Background: Acquisition and Shutdown of Payvision
Payvision, a Dutch payment service provider founded by Rudolf Booker in Amsterdam roughly two decades ago, was acquired by ING in 2018 for €360 million. However, after the acquisition, ING uncovered that Payvision’s client portfolio largely consisted of high-risk industries such as online gambling and pornography, and the company had connections to suspected money laundering activities linked to broker scams.
In 2020, ING sold Payvision back to its original owners for €1, and in 2021, it announced the decision to completely wind down Payvision’s operations by mid-2022. The shutdown process is ongoing, and no compensation has yet been announced for victims whose funds were processed by the company.
Alleged Role in High-Profile Fraud Networks
Payvision has been linked to several major financial crime cases, both in Europe and the United States. Key highlights include:
▸ Involvement in Broker Scams Across Europe
In September 2020, the Vienna Criminal Court convicted Gal Barak, an Israeli citizen, of investment fraud and money laundering. According to the court’s findings, Payvision B.V.—fully owned by ING at the time—acted as the principal acquiring bank for Barak’s broker platforms between 2015 and 2019, allegedly facilitating over €75 million in fraudulent transactions.
▸ Ties to U.S. Payment Fraud
Payvision also reportedly processed transactions for AlliedWallet, a U.S. payment processor whose CEO, Ahmad “Andy” Khawaja, was indicted in August 2021. The charges involved a $150 million fraud that deceived banks and card networks into accepting transactions from prohibited or high-risk merchants, such as those operating illegal online schemes.
Concerns Over ING and DNB’s Exit Strategy
While ING continues to quietly dismantle Payvision, criticism has emerged over the lack of public accountability. Critics argue that the decision to shut down the company without addressing its involvement in fraudulent schemes and without holding executives like Rudolf Booker accountable is a disservice to the thousands of retail investors across Europe who suffered financial harm.
Additionally, questions have been raised about DNB’s supervisory role, particularly regarding its approval of Payvision’s operations during the period in which the company was actively working with known scam networks.
A Call for Accountability and Victim Compensation
Stakeholders are urging ING and the Dutch Central Bank to:
-
Officially acknowledge Payvision’s role in processing fraudulent transactions;
-
Investigate the conduct of former Payvision executives;
-
Explore avenues for victim compensation;
-
Rebuild trust in Europe’s financial regulatory framework.
With growing pressure from victims and legal observers, the handling of the Payvision case could serve as a precedent for future corporate accountability in the financial services sector.