Zelensky Sanctions Ex IBOX Head over Online Casino Scandal
Ukraine President Volodymyr Zelensky has sanctioned Alyona Shevtsova, the former head of the IBOX Bank supervisory department, over money laundering allegations linked to online casinos.
LISTEN TO THIS ARTICLE:The sanctions freeze Shevtsova’s assets and restrict her from making most financial transactions, both domestically and internationally. They also request regulators in the European Union, the United States, and other nations enforce similar penalties.
The case against Shevtsova originated from suspicions of illegal gambling operations, money laundering, and efforts to legalize criminal proceeds. Last month, the Ukrainian Bureau of Economic Security (BEB) secured permission from the court to initiate a pre-trial investigation into Shevtsova.
Alongside Shevtsova, other high-profile individuals were sanctioned, including Serhiy Arbuzov, former National Bank of Ukraine Chairman, Serhiy Klyuyev, former lawmaker, and business tycoon Viktor Polischuk.
Rise and Regulatory Trouble
Shevtsova gained prominence in the mid-2010s when she founded Leogaming Pay, a payment solution for online gaming firms.
Her journey with IBOX Bank started in 2017 when she became an executive at the firm. It was also believed that she acquired a stake in the bank, making her a co-owner. Under her leadership, IBOX Bank shifted its focus toward the licensed casino and online retail sectors.
In 2021, KRAIL authorized IBOX to process transactions for licensed gaming operators a year after the Ukrainian government legalized gambling.
More Regulation News
Shevtsofa’s troubles started in the same year when Leogaming and IBOX were fined for not providing the central bank with accurate financial transaction data. Amid the mounting issues, the central bank revoked IBOX’s banking license in 2023.
According to the central bank, IBOX committed several violations, including providing funds for a sports poker tournament and failing to implement proper financial monitoring of its clients, despite repeated warnings.
PlayCity Gambling Regulator
This development unfolds as Ukraine prepares to establish a new gambling authority. Last month, Secretary of the SOP government Taras Melnychuk disclosed on Telegram that the new regulator will be called “PlayCity.”
The new watchdog will take over the responsibilities of KRAIL and eradicate corruption from the gambling industry.
RELATED TOPICS: Regulation
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