Malta-Based financial firms linked to global investment scam

A recent investigation by the Organised Crime and Corruption Reporting Project (OCCRP), in collaboration with Times of Malta and Amphora Media, has uncovered the involvement of Maltese financial entities in a global investment scam targeting victims across multiple countries.

Malta’s Financial Firms in the Spotlight

Timesofmalta.com has reported that the investigation highlights the role of Malta-licensed payment provider OpenPayd, which was utilised by fraudsters to channel funds from victims through fraudulent financial trading platforms. One such platform, operated by Lithuanian company CurrencyRock under the name Insirex, reportedly processed €2.5 million through OpenPayd accounts over a three-month period between March and May 2024. Subsequently, funds were transferred to another Malta-based company, Payhound. Attempts to reach CurrencyRock for comment were unsuccessful, and Payhound did not respond to inquiries.

OpenPayd’s Response

In response to the allegations, TimesofMalta.com reported that OpenPayd has stated that it terminated its relationship with CurrencyRock in 2024 due to inadequate controls. The company emphasised that its services are exclusively provided to corporate clients, asserting that clients like CurrencyRock have their own regulatory responsibilities to manage financial crime risks posed by their end customers.

Regulatory Oversight and Industry Implications

TimesofMalta.com stated that Malta Financial Services Authority (MFSA) has declined to comment on specific cases but affirmed that it cooperates fully with both domestic and international authorities to address potential breaches and enforce regulatory actions as necessary.