Flutterwave Respond to Money Laundering Allegation in Kenya


Fintech unicorn, Flutterwave, has responded to allegations of money laundering levelled Against it by Kenya's Asset Recovery Agency (ARA). 

Flutterwave Respond to Money Laundering Allegation in Kenya
Flutterwave's Response to Money Laundering Allegation in Kenya 

On Wednesday, Kenya's ARA accused Flutterwave of laundering over $59.2 million. The agency obtained a court order to inspect and freeze the fintech's 52 bank accounts. The ARA also alleged that there is no evidence of Flutterwave operating a merchant service in the country.

What Flutterwave Said in Response

According to a statement released by the fintech, the ARA's claims are "entirely false". 

"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 four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant," the statement read. 

Did Flutterwave Respond to Major Allegations of Service Legality in Kenya ?

The fintech is yet to respond to specific allegations made by the ARA, especially ones regarding the legality of its services in Kenya. It also has not commented on whether or not its bank accounts have been frozen, or if it will appear in court later this November.

1 comment

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