Flutterwave’s accounts frozen in Kenya over money laundering claims

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ABUJA (Reuters) – A courtroom in Kenya has frozen greater than $40 million in accounts belonging to Africa-focused funds big Flutterwave underneath the nation’s anti-money laundering legal guidelines, courtroom paperwork confirmed.

Founded in 2016 in Nigeria, the San Francisco-headquartered agency, specialises in particular person and shopper transfers, considered one of a number of fintech corporations facilitating and capitalising on Africa’s booming funds market.

Earlier this yr, the agency raised $250 million, valuing the startup at greater than $3 billion.

Kenya’s Assets Recovery Agency sought and was granted a High Court order to freeze a number of accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd.

Flutterwave confirmed to Reuters it owned the corporate.

It mentioned in a separate assertion that claims of economic impropriety in Kenya had been “solely false”.

The courtroom order, which is dated July 1, stops Flutterwave from any transactions from greater than a dozen accounts with three banks, which held $43 million in {dollars}, sterling, euro and Kenyan shillings.

“These orders shall subsist for a interval of 90 days as offered in part 84 of Proceeds of Crime and Anti-Money Laundering Act,” Judge Esther Maina mentioned in a ruling pending a full listening to and ultimate order at a later date.

Flutterwave mentioned its operations had been commonly audited and it constantly engaged regulatory companies to remain compliant.

(Reporting by MacDonald Dzirutwe in Abuja and Humphrey Malalo in Nairobi; modifying by Barbara Lewis)



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