Regulators

Bafin issues cease and desist order against Fronter Decsision

BaFin cease-and-desist order against unauthorized payment processor Fronter Decision

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Fronter Decision GmbH, registered in Offenbach, Germany, was entered into the commercial register in April 2019. The Ukrainian Nikitin Oleksiy was appointed as the sole managing director. In fact, many of the German money laundering companies have Ukrainian directors. As non-EU citizens, these are hardly legally enforceable. BaFin issued a cease-and-desist order against the company in November 2020, which is now final.

Jay Clayton resigns as SEC chair

The SEC on a new regulatory course after Jay Clayton’s departure?

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The U.S. Securities and Exchange Commission (SEC) is undoubtedly the world’s leading regulator, making decisions and setting standards that go far beyond the U.S. That said, the appointment of the SEC chair is a political statement with far-reaching consequences for the global community of regulators. Jay Clayton, the SEC chairman of the Trump announced his departure and makes way for his successor under the Biden era.

Whistleblower radar

Whistleblower Programs – U.S. SEC awards $900,000 for exposing overseas violations

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The U.S. Whistleblower programs of regulators such as the SEC and CFTC are becoming a lucrative business for agencies that focus on the procurement of whistleblower information. This includes activities outside the U.S. This week the SEC awarded $900,000 for the detection of securities law violations overseas. Whistleblowers get their awards from monetary sanctions paid to the regulator from the offenders.

FCA issues warning against FinTech wonder lanistar

FCA issues warning against FinTech wonder Lanistar

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Lanistar is a prominent FinTech on Instagram and proudly presents young, sexy, and fashionable influencers on its website. The company was also hyped by bullish press releases from its partner MasterCard. The FinTech is aiming for a £1 billion valuation. The UJ FCA, however, has issued an investor warning against Lanistar, advising that it’s operating without authorization in the U.K.