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 laundering and terrorist financing. It has presented an ambitious Action Plan, which sets out concrete measures that will be taken over the next 12 months. The six pillars of the …
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. However, like any EU member state, Estonia is also responsible for ensuring that Community directives are implemented and complied with and EU residents are protected. This also and above all …
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 funds from private persons on its own accounts for the sole purpose of transferring these funds to mainly foreign accounts of companies based abroad. According to the German Regulator, the …
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.
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.
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 is operated by A&E Products Ltd, a company registered on the Marshall Islands and with a company address in Sofia, Bulgaria. One of the typical scam patterns. The unregistered and …
Investor Warning – Infinitrade with Praxis Cashier and Crypto1 Payment Processors Read More »
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 broker is operated by AlephLink Solutions Ltd OÜ (Companies Register) a company registered in Estonia. The company, in which Efthymios Marangos (born Sept 1989) is the only active director, has …
Investor Warning – Estonian Blix Group and Praxis Cashier Read More »
