29th July 2020
Collapsed payments processor Wirecard AG miscoded gambling transactions and had high levels of stolen card purchases and reversed transactions, leading to hefty fines from card networks Visa Inc. and Mastercard Inc., according to people familiar with the matter. Visa and Mastercard each imposed fines exceeding $10 million… Read More
28th July 2020
A Mastercard executive allegedly was involved in a money-laundering operation at a bank accused of terrorist financing and organised crime that had links to Wirecard, the disgraced German payments group. A report commissioned by the owners of FBME Bank in Cyprus uncovered evidence of apparent criminal activity, including an… Read More
27th July 2020
The German finance ministry has unveiled a sweeping reform of financial regulation in the wake of the Wirecard scandal, as pressure mounts on the authorities over their failure to properly police the disgraced payments company. BaFin, the financial regulator, is to be equipped with “sovereign powers” to intervene “directly… Read More
27th July 2020
Philippine investigators say they have identified dozens of people and entities of interest in their probe into Wirecard AG, and are focusing on two bank employees who may have facilitated a multinational accounting scandal at the insolvent German payments company. Wirecard had claimed some $2.1 billion in cash… Read More
24th July 2020
EY drafted an unqualified audit opinion of Wirecard’s accounts in early June despite public concerns that the fintech firm had not been forthcoming about its assets, the Financial Times reported Thursday. The Big Four auditor sent the draft opinion to Wirecard executives just weeks before the Germany company collapsed in… Read More
23rd July 2020
AP — Two more former executives at bankrupt German payment company Wirecard were arrested on Wednesday in the fraud scandal that brought down the one-time tech star and its former CEO was taken back into custody after the case against him was expanded, prosecutors said. The former Wirecard managers are… Read More
20th July 2020
The leaders of France, Germany and Italy on Saturday threatened for the first time to use sanctions against countries that continued to violate a United Nations arms embargo on Libya. French President Emmanuel Macron, German Chancellor Angela Merkel and Italian Prime Minister Giuseppe Conte urged “all foreign actors to end… Read More
17th July 2020
Germany’s top financial supervisor received detailed warnings about deceptive financial practices at Wirecard AG starting in 2008 but repeatedly declined to investigate the allegations, turning instead against the accusers. Over more than a decade, investors, U.S. authorities, journalists and people close to the company warned of possible fraudulent accounting… Read More
17th July 2020
Investors are suing Deutsche Bank and its CEO Christian Sewing, alleging the bank made false and misleading statements before it agreed to pay a $150 million fine for compliance failures linked to disgraced financier Jeffrey Epstein. The lawsuit was filed on Wednesday in the U.S. District Court in Newark, New… Read More
16th July 2020
The U.S. is moving toward sanctions against energy companies involved in Russian pipelines to Europe and Turkey, escalating a threat to punish allies for pursuing projects that the U.S. argues will only benefit Russia. As Europe’s domestic gas supplies decline, the region is becoming more dependent on imported fuel. The… Read More