The Cypriot firm TCR faces a French probe for suspicious transactions, according to Le Monde.
Also, local authorities are investigating TCR International's potential money laundering links.
A Cypriot financial firm offering wealth management services has landed in hot water after suspicious
transactions worth hundreds of millions. TCR International Limited, an
investment advisory shop registered in Cyprus and licensed by local CySEC, now
faces a French anti-money laundering probe. Investigators allege the company
channeled over €220 million of dubious funds from 2019 to 2021.
Cypriot Investment Firm
Caught Up in Money Laundering Investigation
The probe,
led by French anti-organized crime authorities, centers around hundreds of
millions of euros in "suspicious" transactions that flowed through
TCR International's accounts at BNP Paribas Securities Services in France a few
years ago.
Investigators
are examining whether the funds, which allegedly total over €220 million, were
of illicit origin or had no economic rationale. The identity of TCR
International's clients is also under scrutiny.
TCR
International provides investment advisory and asset management services globally
to companies and high-net-worth individuals. The company is registered in
Cyprus and holds a "Cypriot Investment Firm" (CIF)
license, the same type used by FX/CFD brokers.
Finance
Magnates sent a request for comment to TCR regarding the alleged accusations
against the company. At the time of publishing this article, we have not received a response yet.
Alleged Links to
Sanctioned Russian Bank
According
to the French news outlet Le
Monde, leaked records show links between TCR International's clients
and a Russian banker hit with EU and US sanctions over the war in Ukraine. The
clients include Russian founders of financial apps and possible shell
companies.
French
authorities opened their probe after receiving intelligence from US
investigators examining financial networks tied to the Wagner Group, a Russian
paramilitary organization.
The US
Department of Justice sent French officials a formal request for legal
assistance regarding TCR International's transactions through BNP Paribas.
However, no evidence directly connecting TCR International to Wagner or its
late leader, Yevgeny Prigozhin, has emerged so far.
Compliance Obligations in
Focus
The
investigation aims to determine whether TCR International and BNP Paribas
fulfilled due diligence duties under anti-money laundering regulations.
Commenting for
Le Monde, TCR International claimed it rigorously vetted clients and denied
any ties to illicit finance. Nonetheless, BNP Paribas terminated its custody
services contract with the firm in January 2022.
The probe
highlights the compliance challenges banks face when handling funds from shell
companies. Robust "know your customer" checks are essential to
uncovering suspicious transactions.
With TCR
International asserting its innocence and BNP Paribas staying silent, the
outcome of the French investigation remains uncertain. Authorities face an
uphill battle tracing the origin of layered financial flows and piercing
corporate veils.
A Cypriot financial firm offering wealth management services has landed in hot water after suspicious
transactions worth hundreds of millions. TCR International Limited, an
investment advisory shop registered in Cyprus and licensed by local CySEC, now
faces a French anti-money laundering probe. Investigators allege the company
channeled over €220 million of dubious funds from 2019 to 2021.
Cypriot Investment Firm
Caught Up in Money Laundering Investigation
The probe,
led by French anti-organized crime authorities, centers around hundreds of
millions of euros in "suspicious" transactions that flowed through
TCR International's accounts at BNP Paribas Securities Services in France a few
years ago.
Investigators
are examining whether the funds, which allegedly total over €220 million, were
of illicit origin or had no economic rationale. The identity of TCR
International's clients is also under scrutiny.
TCR
International provides investment advisory and asset management services globally
to companies and high-net-worth individuals. The company is registered in
Cyprus and holds a "Cypriot Investment Firm" (CIF)
license, the same type used by FX/CFD brokers.
Finance
Magnates sent a request for comment to TCR regarding the alleged accusations
against the company. At the time of publishing this article, we have not received a response yet.
Alleged Links to
Sanctioned Russian Bank
According
to the French news outlet Le
Monde, leaked records show links between TCR International's clients
and a Russian banker hit with EU and US sanctions over the war in Ukraine. The
clients include Russian founders of financial apps and possible shell
companies.
French
authorities opened their probe after receiving intelligence from US
investigators examining financial networks tied to the Wagner Group, a Russian
paramilitary organization.
The US
Department of Justice sent French officials a formal request for legal
assistance regarding TCR International's transactions through BNP Paribas.
However, no evidence directly connecting TCR International to Wagner or its
late leader, Yevgeny Prigozhin, has emerged so far.
Compliance Obligations in
Focus
The
investigation aims to determine whether TCR International and BNP Paribas
fulfilled due diligence duties under anti-money laundering regulations.
Commenting for
Le Monde, TCR International claimed it rigorously vetted clients and denied
any ties to illicit finance. Nonetheless, BNP Paribas terminated its custody
services contract with the firm in January 2022.
The probe
highlights the compliance challenges banks face when handling funds from shell
companies. Robust "know your customer" checks are essential to
uncovering suspicious transactions.
With TCR
International asserting its innocence and BNP Paribas staying silent, the
outcome of the French investigation remains uncertain. Authorities face an
uphill battle tracing the origin of layered financial flows and piercing
corporate veils.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
TradingView Adds Spread Betting to Its Platform via Spreadex Integration
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa