BaFin is likely to monitor FinTechs more closely after the debasement in the Wirecard case. That certainly can't hurt. Check 24's C24 Bank and Solaris have recently received unpleasant notices from financial regulators.
The German fintech Solarisbank is booming and growing, or so it seems. However, so do the fintech's regulatory issues. Therefore, German regulator BaFin is now reviewing whether the institute is allowed to accept certain new customers.
Germany's Federal Financial Supervisory Authority (BaFin) has established the compensation case for the clients of collapsed North Channel Bank. The bank is not able to repay its customers' deposits in full. The deposits of North Channel Bank's customers are protected under the Deposit Protection Act. The Bank is a member of the Entschädigungseinrichtung deutscher Banken GmbH (EdB).
Surprisingly, Viennese Fintech Finabro (website) has renounced its asset management license. Last February, the startup, focused on occupational pension schemes, raised five million euros and recently hired a new head of product, Matthias Heindl. The company's spokeswoman, Melinda Mihoczy, explains what's going on:
The U.S. Securities and Exchange Commission (SEC) announced an award of more than $5 million to a whistleblower whose information led to a successful SEC enforcement action. The whistleblower provided a tip and additional information that helped SEC staff shape its investigative strategy, identify witnesses, and draft documents and information requests. The whistleblower also internally reported concerns before submitting information to the SEC.
The crisis-ridden real estate company is used to bad news. But being unable to find an auditor despite a court order is an unusually severe setback even for Adler. The auditing company KPMG refuses to audit the balance sheet of the Adler subsidiary Adler Real Estate for the year 2022. The parent company Adler Group informed about this on Wednesday evening in a mandatory announcement for the stock exchange.
The U.S. Securities and Exchange Commission (SEC) charged Stephen J. Easterbrook, the former CEO of McDonald's Corporation, with making false and misleading statements to investors about the circumstances surrounding his November 2019 dismissal. McDonald's was also charged with deficiencies in its public disclosure of Easterbrook's separation agreement.
The Chinese technology company Ant Group of billionaire Jack Ma is progressing in resolving its regulatory issues with the Chinese Banking and Insurance Regulatory Commission. The regulator allowed the group to increase the capital of its consumer finance subsidiary by 10.5 billion yuan (about €1.4 billion) shortly before the turn of the year, according to a statement from the authority.
The largest U.S. crypto exchange Coinbase has accepted a multi-million dollar fine for allegedly being too lax in its anti-money laundering precautions in New York State. The company will pay a total of $100 million (€94 million) as part of a settlement, the New York financial regulator DFS announced yesterday. The authority added a penalty of $50 million to Coinbase. The group will invest a further $50 million in improving its control mechanisms.
