Revolut and Wise are used by gang criminals to launder money

This is how criminal apps such as Revolut and Wise take advantage

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They are easy to use and they make it possible to send money abroad with a few taps on the display.

The new banking apps have quickly become very popular with the gangs.

– If there is a small gap somewhere, the criminals will exploit it, says Lotta Mauritzson at the police’s national fraud centre.

Drinks in Tokyo, buttered bread in Copenhagen and a trampoline for the kids. In their marketing, the new banking apps describe how they enable a carefree life where everything from impulse purchases to savings and international transactions can be handled in a few moments.

Many times influencers and other famous people have advertised the banking solutions.

But the trendy newcomers have also piqued the interest of criminals. According to Aftonbladet’s information, there are mainly two apps that are singled out by the police: Revolut and Wise. They both appear in a large number of preliminary investigations that are connected to different networks.

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– People in this environment are always looking for new ways to cover their tracks and launder money that comes from criminal activities, says Lotta Mauritzon, coordinator of the police’s national fraud centre.

Had 19 Revolut cards

In, among other things, an investigation against a network criminal man, who the police suspect is connected to the Södertälje network, it appears that the man had a total of 19 different Revolut cards.

The prosecutor said the man used Revolut to manage money from drug sales. However, the suspect himself claimed that he used the cards when shopping online.

– Revolut card is good to use because it is a simple and convenient way to pay, said the man in questioning.

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The investigation into the murder of gang leader Ismail Abdo’s mother also shows how several of the now convicted people used Revolut. Among other things, the police have been able to see how one of the helpers has paid via the app when he booked an Airbnb for the suspected murderer.

The investigation also reveals that several of those involved sent money between each other via the same service.

Don’t have the same experience

According to Lotta Mauritzon, there are many indications that the new apps do not have as well-functioning systems for detecting money laundering as the traditional banks.

– The banks’ own risk work is absolutely central to this. They must see patterns in how money is moved and be able to identify signs that show whether a transaction is part of a criminal scheme or not, she says.

– The regular banks have been working on this for a very long time. The new players naturally do not have the same experience.

“Important to prevent crime”

Aftonbladet has sought representatives for Revolut and Wise. From the first-mentioned app, no one has returned at all. The press department at Wise declined an interview but sent the following written comment:

“Preventing and fighting financial crime, and ensuring the security of our users and our platform, is of utmost importance to Wise.”

“When we discover that our service may have been abused, we take immediate action. We are investigating what has happened and may suspend users. When required, we also report these cases to approved authorities as part of a wider network to detect and combat financial crime.”

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