Some clients of Al Alam, with details of commission payments, were included in a spreadsheet
prepared for auditors at EY. The document was intended to justify the €485m value of “customer relationships” listed on the Wirecard balance sheet by showing that customer portfolios acquired in a string of opaque and sometimes undisclosed transactions still produced profits.
Al Alam clients listed in the document included Russian payments processors, a gambling site, various online marketing agencies and an operation trading contract-for-difference securities — a way of betting on currency markets.
The document also detailed Al Alam business with Banc de Binary, an online gambling entity that has faced concerted action from US regulators. Although Banc de Binary surrendered its Cyprus brokerage licence in January 2017, and said it had ceased trading soon after, Wirecard recorded that Al Alam processed €3m to €7m of transaction volumes for Banc de Binary every month throughout 2017.