The US Department of Justice, in a filing with New York court, alleged that a US lawyer manipulated Bank Of Ireland to launder 273 million euros received from OneCoin crypto scam. US lawyer Mark S Scott contacted BoI in 2016, claiming to be working on behalf of Fenero Funds.
The Irish Times reported that Mr. Scott made contact with the bank and allegedly told them that the funds were sourced from wealthy Europeans family. He also mentioned that money would be invested in financial services and telecom sectors.
US prosecutors allege that funds proceeded from a massive crypto scam. It further alleges that money received from CoinOnce scam, which was a billion-dollar pyramid scheme, was laundered through BoI accounts.
It is also alleged that the owner of the Fenero account did not follow the bank’s anti-money laundering and KYC rules as he never disclosed the change of ownership. According to BoI AML-KYC rules, any account holder is obliged to inform the bank if more than 10% of the fund’s changed hands.
The suspicion occurred when a payment made from the Fenero account to another account in the United Arab Emirates. The other bank was not listed in the document regarding the payment. And when Scott was asked to provide more information about the transaction, he resisted. Bank of Ireland has agreed to co-operate with the US authorities.