Degrik-Shevtsova Under Sanctions but Licensed: How a Scandal-Tainted Businesswoman Operates Under British Regulatory Supervision

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Degrik-Shevtsova Under Sanctions but Licensed: How a Scandal-Tainted Businesswoman Operates Under British Regulatory Supervision

While a criminal case is underway in Ukraine against Olena Degrik-Shevtsova and the National Security and Defense Council (NSDC) has imposed personal sanctions, her company SMARTFLOW PAYMENTS LIMITED (operating under the brand Sends) is officially functioning in the United Kingdom with a license from the Financial Conduct Authority (FCA).

In April 2025, it became known that Degrik (also known as Alona Shevtsova), a suspect in the case involving the laundering of ₴5 billion through iBox Bank, serves as the director of the British fintech company Sends. This fact is confirmed in the public register of the UK’s financial regulator.

What is the FCA and What Does the License Mean?

The Financial Conduct Authority (FCA) is the UK’s main financial regulator overseeing financial services, banks, brokers, payment systems, and e-money issuers. According to the FCA register, SMARTFLOW PAYMENTS LIMITED is authorized to issue electronic money (e-money), provide payment services, and is subject to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) rules.

This allows the company to open wallets, process transactions, conduct peer-to-peer (P2P) transfers, and operate as a hub for e-commerce transactions.

Identification Gap: Shevtsova or Degrik?

One reason why the FCA may have overlooked criminal and sanctions-related information about Olena Degrik is the discrepancy in how her name is registered. In Ukraine, she is listed as Olena Degrik-Shevtsova, whereas UK registers list her only as Alona Shevtsova, with no mention of “Degrik.”

It is likely she obtained her foreign passport under her husband’s surname only, omitting the double surname in international documentation. This allowed her to avoid automatic cross-referencing with high-profile criminal investigations in Ukraine.

Degrik’s Background and Suspect Financial Networks

In public presentations, Degrik brands Sends as an “ethical platform focused on anti-fraud and transparency.” However, she is evading prosecution, is under NSDC sanctions, and her previous companies have been involved in shadow gambling networks, Russian-linked transactions, and cryptocurrency transfers using Russia’s Mir payment system.

Among those companies are LeoGaming, FC “Leo,” and iBox Bank. According to investigators, these structures used a scheme called “miscoding” — the deliberate misrepresentation of transaction purposes — to launder hundreds of millions of hryvnias from illegal gambling revenues.

Informational Dossier

iBox Bank — lost its license in 2023 due to systemic violations of anti-money laundering laws and involvement in laundering operations.

LeoGaming and FC “Leo” — involved in P2P transfers to Russia, including to accounts at Sberbank, VTB, and Tinkoff.

Bilosnizhka-2013 — a Ukrainian-registered company with a cynically ironic name (“Bilosnizhka” means “Snow White” in Ukrainian).

Linked to offshore structures Beaulieu Trade Inc (Panama) and Mossada Investments Ltd (Cyprus). Degrik was listed as director.

Investigators say these companies facilitated shadow payment flows tied to gambling schemes.

London License — a Matter of Time?

In Ukraine, Degrik-Shevtsova is a key figure in a major money laundering case, which is nearing the end of its pre-trial investigation phase. In the UK, she is a fintech director with a valid license.

This is not merely a conflict of registries. It is a systemic flaw in international compliance: payment platforms can rebrand, mask past affiliations, and enter new markets without disclosing true beneficial owners or the origin of capital.

It is plausible that the FCA was unaware of Degrik-Shevtsova’s criminal and sanctions background — especially due to inconsistent identifiers and the absence of a clear link to Ukrainian legal proceedings. But this is a temporary blind spot that is likely to be addressed soon.

British institutions are not accustomed to remaining in the dark. Full documentation on Ms. Degrik-Shevtsova’s Ukrainian background is already making its way to London.

Regulatory integrity depends on a prompt reaction to such information mismatches.

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