Featured Germany

U.K.’s Financial Conduct Authority Bans Lithuanian FinTech Linked to Wirecard Fraud

U.K. officials have banned UAB Finolita Unio from operating in the country following a decision last week by the Bank of Lithuania to revoke the firm’s license over its alleged “severe infringement” of anti-money laundering (AML) and counterterrorism financing (CTF) laws. The U.K.’s Financial Conduct Authority (FCA) published the decision… Read More

German tax haven law passes lower house

Drying up the “feel-good places for tax evaders” was parliament’s aim, said conservative finance politician Fritz Güntzler of Chancellor Angela Merkel’s Christian Democrats (CDU) as the lower house of parliament, the Bundestag, adopted the bill on Thursday. But skeptics, including opposition Markus Herbrand of the pro-business Free Democrats, said that… Read More

ECB tells Deutsche Bank to find new chairman fast – sources

The European Central Bank has asked Deutsche Bank a number of times in recent months to name a successor to chairman Paul Achleitner as the end of his term nears, two people with knowledge of the matter said. Achleitner is due to retire next May after 10 difficult years in… Read More
9th June 2021
Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More
9th June 2021
AP — When the FBI dismantled an encrypted messaging service based in Canada in 2018, agents noticed users moving to other networks. Instead of following their tracks to rivals, investigators decided on a new tactic: creating their own service. ANOM, a secure-messaging service built by the… Read More
9th June 2021
Around 600 investigators searched 31 buildings in the western German state of North Rhine-Westphalia and police arrested a family of four Tuesday in connection with alleged money laundering, organized crime and welfare fraud. Police and special units from the state office that investigates organized crime arrested a 46-year-old man, his… Read More
7th June 2021
Philippine investigators have lodged criminal complaints against a former executive of collapsed German payments firm Wirecard and others for alleged bank fraud and cybercrime offences, the justice secretary said Monday. Wirecard was once a rising star in the fintech sector until it filed for bankruptcy last year after admitting that… Read More
2nd June 2021
A former executive at private bank M.M. Warburg on Tuesday became the first banker to be jailed over a multi-year scam to bilk the German state of billions of euros by filing bogus claims for tax rebates on stock dividends. A court in Bonn handed down a sentence of five… Read More
1st June 2021
The Federal Reserve told Deutsche Bank AG in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter. The Fed’s frustration has escalated to a point that the bank could be fined, the people said. Deutsche Bank… Read More
23rd May 2021
A gang printing and distributing counterfeit euro banknotes was broken up by Europol and German and Italian police on Thursday. Officers descended on 18 properties in Naples, Italy, where the operation was based, and one house in Germany where the notes were distributed. Four Italian nationals were arrested on Thursday… Read More
21st May 2021
Italy’s deputy police chief is urging European partners including Germany, France and the U.K. to improve their defenses against mafia takeovers of businesses weakened by the pandemic, warning of a spread of organized crime across the continent. Italian security forces have sought to shine a spotlight on the tactics of… Read More
20th May 2021
The Biden administration waived sanctions on the company behind Russia’s Nord Stream 2 gas pipeline to Germany and its chief executive, Secretary of State Antony Blinken said on Wednesday, a move decried by critics of the project in Congress. A State Department report sent to Congress concluded that Nord Stream… Read More
13th May 2021
Germany’s financial regulator has told N26 Bank GmbH, a hot digital startup with operations in Europe and the U.S., to implement proper controls to prevent money laundering, taking the unusual step of appointing a special monitor to watch over the process. The regulator, BaFin, said Wednesday that it made the… Read More