According to Reuters, a court in Kenya has frozen more than $40 million in accounts belonging to Africa-focused payments giant Flutterwave under the country’s anti-money laundering laws, court documents showed.
The Flutterwave company has since distanced itself from the alleged crime, saying it maintains high regulatory standards and is audited by an unnamed reputable company.
THIS IS THE STATEMENT THAT IS RELEASED BY FLUTTERWAVE:
Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.
Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers.
By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.
We are a financial technology company that maintains the highest regulatory standards in our operations. Our Anti-money laundering (AML) practices and operations are regularly audited by one of the big 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.
Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue to work with all stakeholders to uphold this. We are working to figure out the motive behind the publication, and have the records straightened.
