Moorwand Payment Scheme – Copenhagen Andelskasse charged with money laundering

The Danish Copenhagen Andelskasse (KBH Andelskasse), under the influence of Moorwand Ltd and its beneficial owners Alain Bazille, Robert Cortneidge, and Wael Almaree, is being charged with money laundering. This is reported by some Danish media with reference to official statements by the competent authorities. FinTelegram has spoken with the responsible prosecutor in Denmark who confirmed the money laundering case.

I can confirm that this month, the Copenhagen Andelskasse under the control of Financial Stability has been charged with violation of the Money Laundering Act.

Police inspector Thomas Anderskov Riis

Reportedly, between 2017 and 2018, a volume of four billion dollars from questionable sources was processed via Copenhagen Andelskasse. Most of the suspicious funds came from foreign customers. It has been found that 183 foreign customers in one year triggered 1645 money laundering alarms in the bank. The alarms went off on suspicious transfers. In many cases, Moorwand and UPC Consulting were involved in these suspicious transactions.

Beneficial owners and clients

The criminal files show that the Moorwand Payment Scheme accounts for a large part of KBH Andelskasse’s transactions. In addition, there are very close personal ties between Moorwand, UPC Consulting, and KBH Andelskasse.

Robert Cortneidge was appointed Director of Moorwand Ltd in April 2018. A query at UK Companies House shows that Cortneidge also serves as a director of a number of other payment services companies.

The former Moorwand Ltd director Wael Almaree, on the other hand, is not only director of Moorwand Lithuania UAB but also a significant shareholder of KBH Andelskasse. Moreover, Almaree is also listed as an officer of UPC Media, Moldavia, and Repay Finance A/S (www.repayfinance.com) in Denmark.

Both Wael Almaree and Alain Bazille resigned from Moorwand Ltd in April 2019.

The Moorwand Payment Scheme

According to the auditing firm KPMG, the bank had three large clients who had made the vast majority of the suspicious international payments. These three clients are well-known names in the international broker scam scene:

• Moorwand Ltd by Alain Bazille
• UPC Consulting Ltd by Alain Bazille
• ChargePay
  

Until at least May 2019, the UK registered companies Moorwand Ltd and UPC Consulting Ltd were controlled by Alain Bazille (LinkedIn profile) These two companies were and are massively involved in illegal and fraudulent broker scams as FinTelegram has reported several times.

Already weeks ago, FinTelegram drew attention to the scandal surrounding Moorwand, UPC Consulting and KBH Andelskasse. This Moorwand Payment Scheme has facilitated the fraud of tens of thousands of retail investors via broker scams.