Flutterwave denies cash laundering allegations

  Flutterwave denies cash laundering allegations

Flutterwave CEO and founder CEO and founding father of price business enterprise Flutterwave Olugbenga Agboola Flutterwave Payment Technology Limited has denied allegations of cash laundering that brought about the freezing of its debts with the aid of using a Kenyan courtroom docket. “Claims of economic improprieties concerning the business enterprise in Kenya are completely fake, and we've got the facts to confirm this,” Flutterwave stated in a statement. “We are a economic era business enterprise that keeps the very best regulatory requirements in our operations. Our Anti-cash laundering (AML) practices and operations are frequently audited with the aid of using one of the Big 4 firms. We continue to be proactive in our engagements with regulatory our bodies to maintain to live compliant.” READ ALSO: Flutterwave now valued $three billion after last new funding A Kenyan High Court on Wednesday iced over fifty six financial institution debts belonging to Flutterwave and different groups linked with Nigerian nationals over cash laundering allegations. The debts concerned are in dollars, pound sterling, euros, and Kenya shillings with a complete retaining of Sh7 billion suspected to be cash laundering proceeds with the aid of using overseas nationals. The orders, to be powerful for ninety days, have been issued after the Asset Recovery Agency (ARA) advised the courtroom docket that the debts of the centered agencies have been used as conduits for cash laundering below the duvet of presenting service provider offerings. READ ALSO: Kenyan courtroom docket freezes Flutterwave’s debts, others over alleged cash laundering ARA accused the business enterprise of receiving billions of shillings and depositing the identical in distinct financial institution debts in an try to disguise the nature, source, or motion of the price range. But Flutterwave insists that the declare is fake. “We are running to examine the purpose at the back of the fake claims, and feature the facts straightened,” Flutterwave stated. Flutterwave stated that it only “acquire and pay on behalf of traders and company entities.” The fintech business enterprise defined that “withinside the technique, we earn our costs via a transaction charge, facts of which might be to be had and may be verified. As a business, we keep company price range to help our operations and offer offerings to all our customers. “By facilitating bills for the largest companies withinside the global and regular groups, we technique appreciably big volumes of cash and make contributions to developing the economic system in Kenya, and the relaxation of Africa.” Flutterwave stated it has a “duty to make sure the integrity of the environment and we pledge our dedication to maintain running with all stakeholders to uphold this.”