1st July 2020
Germany will be quick to overhaul its regulation of financial companies to repair the damage caused by Wirecard AG’s collapse, Deputy Finance Minister Joerg Kukies said. “What we must do is analyze, by turning over every stone, exactly where and how things went awry,” Kukies said at an event… Read More
29th June 2020
Philippine banks are further tightening procedures after two of the country’s largest lenders were dragged into the reported $2.1 billion missing funds of German financial technology leader Wirecard AG. Cezar Consing, president and chief operating officer at BPI, said they are strengthening policies and programs that encourage good conduct and… Read More
25th June 2020
Wirecard’s (WDIG.DE) former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. Markus Braun turned himself in on Monday night after Munich prosecutors issued a warrant… Read More
24th June 2020
BaFin (Germany’s Federal Financial Supervisory Authority) is under fire for failing to properly respond to multiple red flags related to an accounting fraud at Wirecard, a German payments firm which now appears to have misplaced EUR 1.9 billion. Last Thursday (18 June), Wirecard revealed that it was unable to… Read More
23rd June 2020
Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. The former German stock market darling, which processes payments… Read More
18th June 2020
Cayman Islands fintech holding company Achiko has run into “compliance issues” just months after listing on the Swiss stock exchange. The firm has called a meeting of shareholders this week to approve a plan to create a Swiss company and re-list the shares from this entity. But some shareholders are… Read More
3rd June 2020
Over the past ten years, the level of activity in financial-crimes compliance in financial services has expanded significantly, with regulators around the globe taking scores of enforcement actions and levying $36 billion in fines. Many financial institutions have scrambled to implement remediation efforts. Financial-crimes compliance (FCC) was elevated as a… Read More
14th May 2020
The EU, last week, told a black-and-white tale of 20 sinful states who posed a money-laundering threat to Europe’s law-abiding single market. But the real story of the EU and money laundering is more complicated. And the EU’s new dirty-money blacklist revealed more by its omissions than by its inclusions. Read More
11th May 2020
Wirecard (WDIG.DE) Chief Executive Markus Braun apologised to shareholders on Friday as the company announced a reshuffle of its management board and appointed a new compliance officer, days after the hedge fund TCI demanded Braun’s removal. Wirecard faces allegations including accounting irregularities and disclosure violations, which it denies. In… Read More
11th May 2020
If filing a suspicious activity report is more of an art than a science, it should be remembered that not all art is equal. Like a painting hung in a museum, a good SAR must be the product of focus and intention if it’s to engage its intended audience. For… Read More