Russian FinTech Moves $6.9 Billion Through Global Banks
A7, a Kremlin-backed Russian FinTech, laundered over $6.9 billion using forged invoices and global bank networks despite sanctions.
In brief
A7, a Kremlin-backed Russian FinTech, laundered over $6.9 billion using forged invoices and global bank networks despite sanctions. A7 used industrial-scale forgery to move billions through Swift despite sanctions, with Chinese banks as key recipients. Originally reported by Pymnts.
A7's Money Laundering Scheme
A7, a Kremlin-backed Russian FinTech, moved over $6.9 billion through global banks using forged invoices despite sanctions.
“the new data here really shows that the true scale of A7's money-laundering network is much bigger than anyone had previously realized.”
How A7 Operated
A7 used front companies to deposit cash into Swift, then paid Russian businesses overseas with forged invoices.
Banks Involved
A7 held accounts with Standard Chartered, JPMorgan Chase, and Citigroup, all citing anti-money laundering controls.
Kremlin Backing
A7 was founded by Moldovan oligarch Ilan Shor with Russia's Promsvyazbank, a defense-linked state bank.
Chinese Bank Destination
Over half of A7's flows ended at Chinese bank accounts, bypassing sanctions through forged invoices.
In short
A7 used industrial-scale forgery to move billions through Swift despite sanctions, with Chinese banks as key recipients.
