Wirecard

BaFin issues cease and desist order against dissolved payment provider

BaFin issued a cease-and-desist order against a dissolved laundromat

Leave a Comment / BaFin, Regulators / By Alex Reggie

Many German companies are acting as unauthorized payment processors for scammers. The law calls it money laundering. Lipans Smart Consult GmbH was one of those laundromats. BaFin issued a Cease-and-Desist Order but the company has already been dissolved months ago.

Wirecard or why compliance is important

Leave a Comment / Regulation / By bluechipper

Following the KPMG special audit report that uncovered substantial issues with the company’s compliance procedures, the DAX-listed German FinTech Wirecard has announced to create a dedicated compliance department to monitor compliance with laws and regulations. The department is becoming a board department, which emphasises the importance of the issue.