Tag Archives: electronic payment system

German Prosecutors Investigate Ernst & Young’s Role in Wirecard Collapse | Instant News


German prosecutors are examining Ernst & Young’s role in the humiliated collapse of payments operator Wirecard AG, increasing pressure on auditing firms.

Munich prosecutors said they were evaluating a report by the state’s accounting watchdog about the company’s collapse this summer. The supervisor, known as Apas, conducted an investigation into the work of the audit firm’s local affiliate, EY GmbH, after Wirecard admitted that more than $ 2 billion in cash it said was held in bank accounts in his name did not exist.

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Wirecard Probe Criticizes German Financial Supervisory | Instant News


Europe’s top market watchdog said it found a series of problems with German regulatory oversight and handling of Wirecard AG, a fintech darling that collapsed amid allegations of fraud.

The European Securities and Markets Authority said in a report Tuesday that BaFin, Germany’s market and financial watchdog, may lack independence from the German government and with proper internal controls. It points to the key staff trading Wirecard stock, including during the period while investigating the company.

ESMA …

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Germany asks Russia to help find former Wirecard executive | Instant News


German authorities have asked Russian officials whether Jan Marsalek, a former executive of Wirecard AG who runs operations for humiliated fintech companies, has entered Russia and asked them to follow up on Interpol’s notice issued for his arrest.

The request, made on July 22, and “red notifications” issued through the Interpol multilateral police organization was disclosed in a written response given by the German government to lawmakers on Wednesday and reviewed by The Wall Street Journal. MPs are investigating the impact of Wirecard, …

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How the German SEC Refuses a Decade of Warnings About the Wirecard | Instant News


Germany’s top financial watchdog received detailed warnings about deceptive financial practices at Wirecard AG beginning in 2008 but repeatedly failed to investigate the allegations, and instead opposed the accusers.

For more than a decade, US investors, whistleblowers, authorities and journalists have warned of the possibility of accounting fraud or money laundering, practices that are now at the core of criminal investigations against humiliated fintech giants.

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