Kremlin-backed money launderer used London fintech to make payments

{"text":[[{"start":6.6,"text":"A British fintech company was listed as a payment vehicle by A7, the Kremlin-backed money laundering network, while also holding a registration from the UK’s Financial Conduct Authority."}],[{"start":18.52,"text":"One document drawn from a vast leak seen by the FT shows that A7 tried to create a cover story for its relationship with Wooshpay by forging an invoice suggesting the company was supplying it with “cashmere sewing fabric”."}],[{"start":31.52,"text":"A7 was designated as a “transnational criminal organisation” by the US Treasury last week, shortly after the FT had revealed it had moved $6.9bn through conventional banks using hundreds of front companies and a huge document forgery operation."}],[{"start":48.16,"text":"The core purpose of the network is to allow Russian importers to make payments abroad in the wake of the financial sanctions imposed on Moscow after the full-scale invasion of Ukraine."}],[{"start":59,"text":"Further documents from the leak show that A7 named Wooshpay, which holds FCA authorisation as a small payment institution, on a list of entities that it could use to make payments."}],[{"start":70.72,"text":"Registration with the UK watchdog requires the company, which is incorporated as Swooshtransfer, not only to identify and verify customers and their beneficial owners but also to understand the purpose of the relationship and monitor transactions."}],[{"start":84.98,"text":"An internal note prepared by A7 for staff referred to Wooshpay as holding an “extensive licence”. It was listed as acting as a possible “payment route to PRC and Hong Kong” in both renminbi and dollars."}],[{"start":null,"text":""}],[{"start":98,"text":"Wooshpay’s own website advertises it as “offering a range of payment products and subscription billing tools, helping AI companies quickly launch and scale their businesses”."}],[{"start":108.84,"text":"While many of the front companies used by A7 were controlled by the network, the A7 note referred to Wooshpay as a “rented” treasury, implying it was an independent business that did work for the network alongside other things."}],[{"start":122.4,"text":"The A7 document noted conditions on payments that could go via Wooshpay. “There are limits on payments of no more than 50 thousand USD per day. A customs declaration (with no Russian language) is required to agree on conducting payments,” it said."}],[{"start":136.84,"text":"The one payment on this route found by the FT — a transfer of 189,000 Rmb ($26,000) — was recorded by A7 with a reference number that indicated Wooshpay was making onward payments for the network and was not merely a recipient."}],[{"start":152.68,"text":"While Wooshpay is registered in the UK, it is listed as ultimately controlled by a Chinese national living in China, while another director is listed on Companies House as resident in the UK."}],[{"start":163.08,"text":"Neither of these people responded to requests for comment, nor to telephone calls at the number given in their FCA listing."}],[{"start":169.2,"text":"The A7 payment record shows that the money was sent to an account at Zhejiang Chouzhou Commercial Bank, a small lender to which A7 made a large number of payments despite its size."}],[{"start":179.28,"text":"According to BankCheck, a banking payments counterparty intelligence company, Zhejiang Chouzhou is the 98th largest bank in China by balance sheet. Yet it is the fourth-largest Chinese bank by volume in the A7 cache. Its customers received about $170mn of payments from A7 between late 2024 and August 2025."}],[{"start":199.6,"text":"In total, 268 entities mentioned in the leaks held accounts at the bank. Of these, 120 were non-resident accounts, indicating that — like WooshPay — they were not local companies."}],[{"start":210.56,"text":"Wooshpay was one of four UK-domiciled entities in the leaks with Zhejiang Chouzhou accounts. One of the others, Albi International, was also offered to a customer as a potential paying front."}],[{"start":221.34,"text":"The company, which is registered at a mailbox rental service in central London, reported a turnover of more than £100mn in 2024-25 — and a tax bill of £274,000."}],[{"start":233.16,"text":"The FCA declined to comment. Zhejiang Chouzhou, Wooshpay, Albi and A7 did not respond to requests for comment."}],[{"start":233.66,"text":"Additional reporting by Martin Arnold"}],[{"start":234.16,"text":""}],[{"start":246.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791646963_1713.mp3"}