Payment Processors: Introducing The New Papel Group With Monitox!

In November 2021, FinTelegram issued a Request 4 Information regarding the Cyprus Papel Group. At the time, Papel, which operates as an online marketing company, had also come to our attention as an unauthorized payment processor. Early 2022, the Papel.com website disappeared and then reappeared as a payment processor with a license from the Bank of Lithuania. The new Papel is operated by TBF FINANCE, UAB of Artiom Saltanov. Associated with Papel Group is also Monitox Ltd, regulated by the UK FCA as an e-Money Institution. Here is an update.

In November 2021, FinTelegram issued a Request 4 Information regarding the Cyprus Papel Group. At the time, Papel operated as an online marketing company. In early 2022, the Papel.com website disappeared and reappeared as a payment processor with a license from the Bank of Lithuania. TBF FINANCE UAB of Artiom Saltanov operates the “new” Papel. Personally related to Papel Group is also Monitox Ltd, regulated by the UK FCA as an e-Money Institution. Here is an update.

Key Data

Trading names	Papel TBF Finance
Business activity	Payment processor e-Money Institution
Domains	https://papel.com https://papel.com.tr https://tbffinance.com
Social media	LinkedIn Papel LinkedIn Papel Turkey LinkedIn TB Finance
Legal entities	TBF FINANCE, UAB Papel Elektronik Para ve Ödeme Hizmetleri A.Ş.
Jurisdictions	Lithuania, Turkey
Authorizations	Payment institution regulated by Bank of Lithuania e-Money Institution application at CBRT
Contact data	+370 6453 4636 +371 2576 6233 +48 22 208 7744
Related individuals	Artiom Saltanov, Ferit Samuray, David Clark, Maksim Asanov
Related schemes	Monitox

Short Narrative

Until 2021, the domain and website Papel.com was operated by Papel (CY) Marketing Services Ltd, an online marketing company in Cyprus. FinTelegram exposed that Papel also acted as an unregulated payment processor. The company was founded and controlled by Ferit Samuray (LinkedIn).

Papel.com was redirected to the domain Papel.cy where online marketing services were offered until the end of 2021. Since 2022, the domain Papel.com has been operated by TBF FINANCE, UAB, which is authorized in Lithuania by the Bank of Lithuania as a payment institution. This entity also trades as TBF Finance with a separate website.

How the domain transfer to the Lithuanian entity worked, we cannot determine at this time. Likewise, we do not know if and how the Lithuanian and Cypriot businesses are connected.

The Monitox Connection

We have discovered Ferit Samuray as a director in the high-risk payment processor Monitox Ltd, an e-Money Institution regulated with reference number 901012 by the FCA. Monitox is controlled by Estonian Maksim Asanov. Whistleblower informed us that Monitox is still connected to the “new” Papel Group. We can neither confirm nor deny this.

The Papel Group with Ferit Samuray comprises other entities, such as Papel Marketing UK Limited or the forex-focused Papel FX Ltd in Cyprus. Samuray is also the director of Smarttekk Payment Solutions Ltd in Cyprus.

Share Information

We would like to know more about Papel Group, Ferit Samuray, and their partners. If you have any information, please share it with us through our whistleblower platform, Whistle42.

Share Information With FinTelegram

CyberRating Agency PayRate42 announced new compliance criteria for crypto firms

Attention: New Crypto Regulations Prompt New Compliance Criteria At PayRate42!

Cryptocurrencies have been gaining popularity in recent years, with many investors and businesses turning to them as a means of payment and investment. However, with the rise in use of cryptocurrencies, there has also been an increase in regulatory scrutiny. Recently, new crypto regulations have been introduced, prompting CyberRating agency PayRate42 to implement new compliance criteria.

Wise with impressive performance and confirmed Green Compliance rating

FinTech Wise with impressive performance! PayRate42 confirms Green Compliance rating!

PayRate42, the leading cyber rating agency, has recently updated the profile of UK-based fintech giant Wise, reaffirming its “Green Compliance” rating. This update follows Wise’s impressive half-year financial results, showcasing a substantial increase in profits and revenue, driven by favorable interest rates and a surge in customer engagement.

Dutch crypto exchange Bitvavo receives regulatory approval

Dutch Crypto Exchange Bitvavo Received Approval Of Austrian Regulator FMA!

Many experts and investors are preparing for the next crypto bull run expected before the halving in Q2 2024. The approval of US crypto ETFs is also expected, which should pump a lot of money into the crypto segment. Just in time for the expected take-off, the Dutch Bitvavo has received another regulatory license in Austria.

Update On Payment Processor NomuPay

NomuPay is certainly one of the most interesting high-risk payment processors in Europe. Not because of its technology or its business, but because it has taken over important parts of the Wirecard business and allegedly also parts of the now closed Payvision. Here is an update.