A Kremlin-backed money laundering network called A7 used the British fintech company Wooshpay to facilitate payments abroad despite UK Financial Conduct Authority registration. Leaked documents show A7 attempted to disguise the relationship with a forged invoice for "cashmere sewing fabric" and referred to Wooshpay as a "rented" treasury and possible payment route to PRC and Hong Kong in renminbi and dollars. A7, designated a transnational criminal organisation by the US Treasury, moved $6.9bn through conventional banks using hundreds of front companies and extensive forgery.
One verified payment of 189,000 Rmb ($26,000) via Wooshpay was recorded with a reference indicating onward payments for the network, not mere receipt. Wooshpay, incorporated as Swooshtransfer and authorised as a small payment institution by the FCA, is required to verify customers, understand relationships, and monitor transactions. It advertises payment tools for AI companies.
Ultimately controlled by a Chinese national in China with a UK-resident director, Wooshpay did not respond to comment requests. The funds were sent to Zhejiang Chouzhou Commercial Bank, the 98th largest Chinese bank by balance sheet but fourth-largest by volume in the A7 cache, which received about $170mn from A7 between late 2024 and August 2025. Of 268 entities linked to the bank in the leaks, 120 were non-resident accounts, including Wooshpay and three other UK-domiciled firms like Albi International, which reported over £100mn turnover and a £274,000 tax bill in 2024-25.
The FCA declined to comment.
Source: Financial Times Companies · Summarized by HeadlinesBriefing