BaFin

Wirecard Troubles in Germany – Class actions against the company and auditor EY adding to BaFin investigations

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Not surprisingly, the turbulent times do not seem to be coming to an end soon for Wirecard. Already 2019 was dominated by accusations of balance sheet manipulation, shabby business practices, and compliance issues which were raised primarily by the Financial Times. Founder and CEO Markus Braun has always strictly rejected the accusations. Wirecard filed lawsuits and criminal complaints against the critics.

German fintech unicorn N26 caught with anti-money laundering issues

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In April 2019, German media outlets reported on a money laundering case around the German Fintech Startup N26. According to a research by the German TV station NDR and the newspaper Sueddeutscher Zeitung, several hundred accounts of the Berlin institute have apparently been used for money laundering in connection with online fraud. The two media …

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BAFIN AND GERMAN POLICE WARN AGAINST ONLINE TRADING FRAUD

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Reads as if it’s a national effort to fight online trading fraud. Finally! Even the German authorities are now likely to find the rip-off of small investors too much. On December 4, 2018, the BaFin, the BKA and the state criminal investigation offices of Bavaria, Baden-Württemberg, Berlin, Saxony-Anhalt, Saarland, and North Rhine-Westphalia issued a joint …

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US REGULATORS CLEAN UP CRYPTO! WHAT ABOUT THE EU?

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While US and Canadian regulators finally started the Operation Cryptosweep to clean up fraudulent crypto companies, the EU is still watching from the sidelines. It’s time to act unless Europe want’s to get benched in the blockchain economy.  On 29 August 2018 NASAA issued the following press release: More than 200 Active Investigations by State …

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