The accounts of Flutterwave Payment Technology Limited were frozen by a Kenyan court after allegations of money laundering were made against it.
Flutterwave issued a statement saying, “Claims of financial irregularities involving the company in Kenya are absolutely incorrect, and we have the paperwork to corroborate this.”
“We are a financial technology company that operates under the strictest regulatory guidelines.” One of the Big Four audits our anti-money laundering (AML) procedures and procedures on a regular basis. To continue to be compliant, we must be proactive in our interactions with regulatory agencies.
In response to money laundering allegations, the Kenyan High Court on Wednesday froze 56 bank accounts associated with Flutterwave and other companies doing business with Nigerians.
The implicated accounts hold a combined total of Sh7 billion in dollars, pound sterling, euros, and Kenya shillings, and are thought to be the proceeds of foreign nationals’ money laundering.
The Asset Recovery Agency (ARA) informed the court that the accounts of the targeted businesses were used as conduits for money laundering while pretending to offer merchant services, leading to the issuance of the orders, which will be in place for 90 days.
The corporation was charged by ARA with receiving billions of shillings and putting them in several bank accounts in an effort to hide the type, source, or flow of the money.
Flutterwave, though, is certain that the allegation is untrue.
Flutterwave stated, “We are endeavoring to determine the reason behind the incorrect claims and have the records corrected.”
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