Sanctions at Home, Stage in London: The Shevtsova Case and the Limits of Compliance

Alyona Shevtsova, a Ukrainian fintech executive sanctioned at home over alleged fraud, recently appeared as a speaker at a major UK compliance event. Most attendees appeared unaware of her background, while both her participation and the attendees’ responses offered a glimpse into the real-world application of compliance standards in the financial industry. Make us preferred on Google Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Close-up image of Ukrainian banknotes. (Photo by Depositphotos) Content Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Flip Make us preferred on Google Ukrainian fintech executive Alyona Shevtsova – sanctioned at home and linked by investigators to a financial scheme involving more than $110 million – was able to appear as a speaker and her company as a sponsor at a major UK compliance event, exposing a gap between formal regulatory standards and their real-world enforcement. In Ukraine, Alyona Shevtsova’s name is linked to a revoked banking license, ongoing criminal investigations, and sanctions imposed by the National Security and Defense Council (RNBO). In London, she appears as a fintech executive, award recipient, and speaker at a flagship compliance event where tickets exceed £1,000 ($1,355). Follow our coverage of the war on the @Kyivpost_official . On March 25-26, Alyona Shevtsova appeared at ExCeL London at PAY360, a key industry event supported by the Department for Business and Trade and attended by entrepreneurs and white-collar law enforcement professionals. Her company, Sends, was named among four platinum sponsors, with a dedicated stand on the exhibition floor. Shevtsova was also featured as a speaker on two panels. Sends’ company stand in the exhibition area of the PAY360 conference – the largest dedicated payments-focused event. (Photo by Liubov Velychko) Other Topics of Interest Moscow Threatens Kyiv’s ‘Decision-Making Centers’ as Victory Day Fears Mount Russia’s warning comes as Moscow scales back its May 9 parade and tightens security amid fears of Ukrainian drone strikes. Shevtsova spent “quite a lot of money” on this event, two attendees said. The exact cost of such sponsorships is not publicly disclosed. On the official PAY360 website, Shevtsova is presented as a fintech entrepreneur and panel speaker, including on “The agentic AI tsunami: revolutionizing compliance via AML and KYC,” where AML refers to anti-money laundering and KYC to know your customer, both of which are regulatory compliance frameworks in banking. Her biography highlights her role in ensuring the resilience of Ukraine’s payment systems during the war and lists partnerships with global companies, including Mastercard and Visa, as well as awards from international organizations and the Ukrainian government. Her prominent presence at a compliance-focused event stands in contrast to how Ukrainian authorities describe her. According to Ukraine’s Bureau of Economic Security (BEB), she’s embroiled in a money-laundering case involving the alleged misappropriation of funds estimated at over $110 million. Investigators allege that the scheme enabled the laundering of funds generated by illegal online gambling operations. On April 12, 2025, President Volodymyr Zelensky enacted an RNBO decree imposing sanctions on four individuals, including Alyona Shevtsova. The case also involves IBox Bank – a Ukrainian bank in which she held a significant stake – whose license was revoked by the National Bank of Ukraine (NBU) in March 2023 for systemic anti-money laundering violations. The decision formed part of a broader crackdown on so-called “miscoding” schemes, in which payment transactions were deliberately assigned false merchant category codes (MCCs) – for example, disguising gambling payments as utilities or retail purchases – to conceal their true nature and evade taxation. None of this – the investigations, sanctions, or the bank’s closure – was mentioned at the event. At the same time, Shevtsova continues to operate in the UK through her fintech business. Her company, Sends, is based in the UK. Sends is a trading name of Smartflow Payments Limited, a company registered in England and Wales (No. 11070048 ) and authorized by the Financial Conduct Authority under registration number 900873. During the two days of PAY360, several thousand participants moved through the halls, with estimates ranging between 5,000 and 10,000 attendees. Across the floor, the dominant themes were artificial intelligence (AI) and compliance. Financial crime, as expected for an event of this kind, remained high on the agenda. Here, Shevtsova’s team was visibly active, smiling, greeting visitors and engaging in conversations throughout the day, without any visible indication that the controversy surrounding her background was being addressed. Screenshot of a post on the Sends company page and Alyona Shevtsova’s page following the PAY360 conference (Screenshots via Instagram) At PAY360, many participants were unaware of Shevtsova’s background. When asked if an individual sanctioned abroad could pass due diligence from the UK, most said they should not. “It depends on the jurisdiction… It sort of depends on who’s issued the sanctions,” one person said. “You can’t be convicted of money laundering in one jurisdiction and move to another and have a clean slate… That record has to exist somewhere,” another person said. But once it was clarified the person in question was Shevtsova – a speaker and sponsor at the event – most declined to comment, while the second person said Shevtsova is probably utilizing “loopholes.” “I think she’s just playing within the loophole,” the person said. Her background was not mentioned during the panels, nor was there any mention of the Ibox Bank. But not all reactions were critical. “Wow. Clearly she’s got flows and it’s working and I feel like somebody like that would actually understand more than an average person. I would love to work with her,” a third participant said. In a post published after the event, Sends described Shevtsova’s participation as part of broader industry discussions on AI and financial compliance. According to the company, she contributed to panels on AI-driven AML and KYC solutions, as well as embedded finance, emphasizing the importance of combining technological innovation with strong governance and business focus. The case exposes a gap between what the global financial industry says about compliance and how it actually works in practice. People linked to serious allegations can still operate – and even gain legitimacy – within the system. In this sense, compliance risks becoming not a filter, but a platform. Liubov Velychko is a Ukrainian investigative journalist. The views expressed in this opinion article are the author’s and not necessarily those of Kyiv Post.