EU plans to fight money-laundering The European Commission plans to establish tighter rules to enforce a unified regulatory approach among member states to tackle money...
Estonia is a member of the EU. This means that Estonian companies and financial service providers have free access to the EU market in principle....
The German financial market supervision authority BaFin issued a cease and desist order against P & B Modern Management, a Berlin-based German company that accepts...
The payment service provider Wirecard is not running out of negative headlines. That's for sure. The special audit report submitted by KPMG at the end of April 2020 has greatly increased the pressure on the DAX-listed German FinTech, its CEO Markus Braun, and finally its auditor EY. Since then, the share price has plummeted from more than €138 to €76.36 on May 15, 2020.
The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, is specialized in the recovery of funds of investors who have been defrauded by investment scams. Furthermore, EFRI sees itself as an advocate for investors and investor protection. Currently, EFRI has been granted a Power of Attorney by more than 800 victims which have been defrauded of more than EUR 34 million. The approach applied by EFRI differs in several aspects from the activities of lawyers and other organizations in the recovery business. Also because EFRI is organized as an initiative and association of victims.
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.
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.
On 7 May 2020, the UK Financial Conduct Authority (FCA) issued investor warnings against several unlicensed and therefore illegally operating brokers. The FCA warned investors...
The UK Financial Conduct Authority (FCA) has issued an investor warning against Infinitrade (www.infinitrage.com). According to the information on the scheme’s website, the unregulated broker...
The UK Financial Conduct Authority (FCA) has issued an investor warning against the Blix Group (www.blix-group.com). According to the information on the website, the unregulated...