Originally Syndicated on June 6, 2024 @ 1:40 am
FinTelegram issues an urgent warning againstThe nature of these transactions raises significant concerns regarding violations of anti-money laundering (AML) regulations. FinTelegram issues an urgent warning concerning Rolletto.
The Rolletto Connections
The customer elaborated on the substantial amounts of money transacted without consent. These funds were routed through PayOp to Rolletto, ultimately landing in a UK bank account with the following details:
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”1″>Sort Code: 04-13-07
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”2″>Account Number: 29904109
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”3″>Bank: Clear Junction LTD (UK)
Clear Junction LTD is a UK-based entity regulated by the Financial Conduct Authority (FCA) as an E-Money Institution. Rolletto appears to lack a license from the UK Gambling Commission to operate within the UK. Under section 33 of the Gambling Act, it is a criminal offense to provide gambling services to UK consumers without proper licensing. The Rolletto operator, Santeda International B.V., notes on its site that it “is pending application by the GCB. Represented by https://igagroup.com.
Illegal Targeting and Misleading Practices
Rolletto is accused of attempting to reach UK consumers who are registered with GamStop,
a self-exclusion initiative aimed at safeguarding vulnerable individuals from the dangers associated with gambling. Allegedly, Rolletto and PayOp circumvented UK banking restrictions on gambling transactions by misclassifying Visa and Mastercard payments. This conduct not only undermines the intent of GamStop but also constitutes deceptive and fraudulent practices.
The processing of these transactions involved false merchant codes, constituting a severe violation of the Merchant Category Code (MCC) system. Such misleading merchant details obscure the actual transactions, complicating the audit trail and affording anonymity to the illicit activities.
According to the victim of Rolletto, many card transactions were conducted using misleading merchant codes linked to entities like Fomiline, Goriwire, Bitsent, Wintermdse, and Arcomet. These payments indicate a calculated effort to disguise the true nature of the transactions.
Violation of PayOp’s Terms and Conditions
The actions of Rolletto and PayOp directly violate numerous clauses in PayOp’s terms and conditions, including:
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”1″>Account Registration: Prevents transactions to or from entities that provide illegal gambling services.
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”2″>Warranties and Representations: Mandates that merchants possess all requisite authorizations and licenses.
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”3″>Fraudulent Activity: Empowers PayOp to void any suspicious or fraudulent transactions and notify authorities.
Legal and Regulatory Implications
The victim is now looking to recover all net deposits and is prepared to take legal action if necessary. This recovery may include court costs, legal fees, and statutory interest. The case highlights the pressing need for stronger regulatory oversight and enforcement to shield consumers from fraudulent behaviours. A thorough investigation into the roles of financial institutions and payment processors in facilitating illegal transactions is essential to maintaining the integrity of the financial system and protecting vulnerable individuals.
