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  • Updated: July 19, 2022

Ping Express Refutes Claims Of Money Laundering

Ping Express Refutes Claims Of Money Laundering

Financial technology company Ping Express has refuted allegations that it or some of its former directors had engaged in money laundering on Tuesday.

According to the report, over the past 2 years, Ping Express has been subject to legal proceedings in the United States based on unproven charges, including money laundering.

In a statement, Ping Express refuted claims that it engaged in money-laundering activities on its network.

Former Chief Executive Officer of Ping Express U.S. and co-founder Anslem Oshionebo said: “We deny any allegation that we participated in money laundering activities via our platform, and the court records are available and very clear.”

He expressed his sadness that technology intended to help immigrants stay in touch with their families may have been badly abused by a small number of the platform's more than 86,000 users.

Oshionebo asserted that the business did not steal from anyone and that it was not aware of or involved in any schemes to defraud anyone of money.

“The court documents and rulings are clear. No losses and no restitution were imposed on neither the company nor its founders and this validates that the US court recognised that no fraud was perpetrated within the company’s platform nor was fraud aided by its founders.

“Ping Express serves more than 80,000 hardworking and honest Nigerians in the U.S. and more in other parts of the world.

“Ping Express operates in more than 28 countries including the UK, Canada and several European countries and serves immigrants from 27 African countries with consistent Standard Operating Procedures (SOP) that were reviewed and approved by regulators,” he said.

Oshionebo emphasised the significance of the fact that some of Ping's users who were questioned by the Department of Justice were also users of the top two rivals.

These individuals, according to him, paid Ping directly from their American personal bank accounts, stressing that all of the company's clients were confirmed and put through a rigorous screening process before their transactions were carried out.

“Internal limits, which are subject to review per the company’s policy, are the basis for which we are non-compliant.

“Ping operated strict compliance standards, and ensured users paid from their personal bank accounts, unfortunately, the U.S. government insisted that Ping did not consider and file enough suspicious reports on all its customers.

“It is, however, depressing to view the malicious and baseless claims being reported in the Nigerian media.

“They have maliciously reported so-called facts without taking some time to investigate or verify information read on other platforms.”

He claimed that the business's main goal was to make it considerably simpler to assist a family.

Oshionebo claimed that they put a lot of effort and integrity into creating a system that upended the market.

“Rather than join other companies in creating customer service and relations teams outside Nigeria, we are passionate about the country, and we built one of the first outsourcing units in Nigeria, employing over 40 Nigerians.”

Opeyemi Odeyale, Co-Founder of Ping Express added: “I stand proud of what we have achieved for the Nigerian and African communities in the U.S. and other parts of the world.”

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