Noda Scandal: FCA-Regulated Payment Processor Tied to Illegal Online Casinos

Originally Syndicated on June 6, 2024 @ 9:25 am

Noda.live provides open banking services, facilitating secure and efficient payment processing for various sectors, including online gaming. However, there could be a possibility of its involvement in illegal online casino activities. It is a UK-based payment institution regulated by the Financial Conduct Authority (FCA).

Link with Online Casinos

The new domain:

• A strong relationship between the two domains show that openbanking.noda.live may serve as an API for open banking transactions related to Naudapay Limited (Noda.live). 90% of the referral traffic to bankstransfer.com comes from openbanking.noda.live, and correspondingly, almost 95% of outbound traffic from openbanking.noda.live primarily goes to to bankstransfer.com.

No website is connected with this domain. We find 404 error when accessing bankstransfer.com proving that its exists only to serve as a backend service or API and not than a consumer-facing website.

 Unlicensed Operators

Noda.live has also been linked to online casinos such as Zet Casino and Great Win, which operates, registered in the Marshall Islands. These casinos are from the Philippine Amusement & Gaming Corporation. Reports show that they acquire players in Europe without the required regulatory permissions. Their operations in jurisdictions that require local licensing is questionable.

Payment Processing

• This domain seems like it is a payment processing API for Noda.live. The high volume of referral traffic from Noda.live to bankstransfer.com, along with heavy outbound traffic to the casinos, prove that that bankstransfer.com is their important payment processing.

The analysis of the various subdomains via Urlscan also reveals that Bankstransfer.com is closely linked to the Noda.live system. Hence, it is clear that Bankstransfer.com is managed by Nodapay.

Regulatory and Compliance Concerns

1. Legal Implications:
   • The lack of regulatory permission for the casinos to operate in Europe shows that any payments processed via bankstransfer.com are illegal and poses a risk to the casinos as well as to Noda.live.
2. FCA Regulations:
   • As an FCA-regulated entity, Naudapay Limited d/b/a Noda.live is obligated to adhere to strict compliance standards, including anti-money laundering (AML) and know-your-customer (KYC) regulations. The association with unlicensed gambling operations could jeopardize its regulatory standing and expose it to legal liabilities.
3. Risk of Financial Crimes:
   • The involvement with unlicensed online casinos raises concerns about potential money laundering and other financial crimes. Payment processors are often scrutinized for their role in facilitating transactions that may be linked to illegal activities, which could result in reputational damage and financial penalties.

Conclusion

It is possible that Naudapay Limited d/b/a Noda.live may be operated in a suspicious legal environment as it is linked with unlicensed online casinos and the use of the domain for payment processing. Although Noda.live is a regulated payment institution in the UK, its involvement with operators that lack the necessary licenses to operate in Europe leads to compliance risks. Noda.live  must reconsider its partnerships and transaction processing practices to ensure adherence to regulatory requirements prevent potential legal impacts.

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