German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label services to other banks, has not fixed issues as ordered by BaFin in 2022, Bloomberg reported...
European digital bank N26 reports that Germany’s Federal Financial Supervisory Authority (BaFin) has lifted its growth restrictions on the company, effective June 1. This move follows N26’s investment in teams and infrastructure to combat financial crime and money laundering, the company said in a Monday...
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security measures, Reuters reported. This, the report added, led to inadequate due diligence in three cases,...
Germany’s financial regulator, BaFin, is reportedly set to relax its crackdown on FinTechs. The move comes after several firms improved their controls, BaFin Executive Director Birgit Rodolphe told Bloomberg in a report posted Wednesday (Feb. 21). “We are seeing progress at individual firms, but not...
August 06, 2024
Four years after the collapse of online payments company Wirecard, German prosecutors have reportedly charged two more of the firm’s former executives. Wirecard’s former finance chief, Alexander von Knoop, and its former board member for product development, Susanne Steidl, have been charged with several counts of embezzlement, while von Knoop also faces charges of aiding […]
July 12, 2024
German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label...
May 28, 2024
European digital bank N26 reports that Germany’s Federal Financial Supervisory Authority (BaFin) has lifted its growth restrictions on the company, effective June 1. This move follows N26’s investment in teams...
April 22, 2024
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security...
