The FCA-regulated Jeton Group, a high-risk payment processor, was actively involved in facilitating transactions for illegal online casinos, including those operated by the Starscream Group. Jetonbank, a digital offshore bank regulated by an FSI in Dominica, facilitated these operations by enabling fiat deposits for players in unlicensed jurisdictions.
This report calls on insiders to provide vital information for the purpose of whistleblowing.
Introduction to Jeton Group
Jeton Group, an FCA regulated company, has established a key position in the high-risk payment processing industry, targeting in particular the online gaming and casino markets. Over the years, Jeton.com, part of the Jeton Group, has strengthened its position as the primary intermediary for numerous online gambling platforms, including those that operate outside of the legal framework.
Recently, Jetonbank, another member of the Jeton Group operating in Dominica under FGS regulation, has become a prominent financial institution offering digital banking services, which has expanded the group's ability to process fiat transactions for players involved in illegal online casinos, particularly those associated with Starscream Group.
Business model and key offerings
Jeton.com: Operated by La Orange Limited, Jeton.com is a high-risk payment processor primarily focused on the online gambling industry. The company's e-wallet system allows players to deposit and withdraw funds on various gambling platforms, including those that operate illegally. As an agent of Financial House, an FCA regulated electronic money institution, Jeton.com operates legally under authorization from the UK FCA. However, its association with unregulated and illegal online casinos poses a serious compliance risk.
Jetonbank: Although Jetonbank differs from Jeton.com in its branding, it is closely related to the Jeton Group as both organizations list the same operators. Jetonbank is relatively new to the market and is positioned as a “mission-driven digital bank”, offering a variety of modern banking services, including multi-currency accounts with SEPA IBAN, business and private banking solutions, and international payments and transfers.
Despite this promising proposition, Jeton Bank's recent activities have raised compliance red flags. He was identified as a payment facilitator for illegal online casinos Starscream Group, allowing players to deposit funds via instant bank transfer. Additionally, Jeton Bank processes payments from jurisdictions in which Starscream online casinos do not have the necessary licenses, exacerbating compliance risks.
Regulatory Oversight and Compliance Issues
Jeton.com's status as an FCA regulated Financial House agent provides a certain level of regulatory protection, particularly in the UK market. However, this affiliation does not address broader concerns about the company's involvement in illegal gambling markets. FinTelegram's investigation has revealed that Jeton Group, through Jeton.com and Jetonbank, plays an important role in facilitating financial transactions for online casinos that operate without the necessary legal framework in some European jurisdictions. This poses a significant challenge from a regulatory compliance perspective, especially for Jeton Bank's compliance department, which must address the legality of processing payments for such activities.
Regulatory oversight of Jetonbank's operations by the Dominica FSI may not provide the stringent controls necessary to ensure its operations comply with international Anti-Money Laundering (AML) and Know Your Customer (KYC) standards. Accepting deposits from players in unlicensed jurisdictions directly undermines the group's claims of compliance and creates significant reputational and legal risks.
Partnerships and partnerships
Jeton's partnership with Financial House allows it to operate in the UK under the auspices of the FCA. However, this link may be disrupted as the company continues to facilitate payments for illegal gambling activities. Jeton's role as a payment processor for Starscream Group, which operates without regulatory approval in many jurisdictions, further exacerbates compliance issues and calls into question the effectiveness of its internal controls and risk management.
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