A Financial Times investigation revealed that the fintech firm A7 allegedly laundered over $6.9 billion through the global banking system. The company, which positioned itself as an alternative to Western payment systems, reportedly bypassed sanctions using a network of front companies and forged invoices.
The scheme involved processing payments via the SWIFT network. A7 maintained accounts at major financial institutions, including JPMorgan Chase, Citigroup, and Standard Chartered. These banks stated their commitment to anti-money laundering controls but provided no further comments on the findings.
A7 was founded by Moldovan oligarch Ilan Shor with support from the Russian state-owned Promsvyazbank. The Kremlin has promoted the firm as a primary provider for cross-border import payments following the disconnection of Russian banks from SWIFT.
Data indicates that over half of the laundered funds were directed to bank accounts in China. Former banking analyst Zach Tvarozna noted that the scale of the network is significantly larger than previously estimated, highlighting the ongoing challenges in maintaining the integrity of correspondent banking.
