Unregulated Maltese payment processor

ApcoPay (www.apcopay.com) is the trading style and brand of Maltese Apco Systems Ltd.

The payment processor appears in the Paradise Papers in the Offshore Leaks Database (picture left). George Kakouras was appointed Managing Director in the summer of 2019. ApcoPay is part of 1923 Investments plc, the investments arm of Hili Ventures.

According to its website, ApcoPay is a partner or the regulated Maltese MFSA-regulated Syspay Limited (reference C 51532) and integrated its CASHlib (www.cashlib.com) voucher solution. Find the Syspay profile here on PayComSec.

As a recognized high-risk payment processor, ApcoPay is focused on gaming, forex, crypto, and e-sports, among others. Unfortunately, these segments are also the playgrounds for scammers.

We have identified ApcoPay as a payment facilitator in several scams and thus included it in our “Red Compliance Light” list.

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