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Tag: Unzer

January 12, 2024

FinTech in Troubles: Unzer’s Financial Turbulence and Restructuring Efforts

In a startling revelation for the fintech sector, Berlin-based payment service provider Unzer, previously known as Heidelpay, reported a staggering loss of €381 million in 2022. This figure notably surpasses the company's turnover, highlighting deep-rooted financial challenges. According to the recently published annual report, turnover amounted to just under €200 million, around 30% below the target figure the company set itself.

August 10, 2023

Financial Watchdogs: FinTechs And Neobanks Under Regulatory Scrutiny As Money-Laundering Avenue!

In 2007, the European Union introduced a directive promoting payment service providers as a competitive alternative to traditional banks. However, in the post-Wirecard era, where the German financial watchdog BaFin faced criticism for its oversight, there's a renewed focus on regulating these entities. The rationale is clear: FinTechs and neobanks are increasingly seen as potential avenues for money laundering.

August 26, 2022

Breaking: German BaFin May Punish Payment Processor Unzer Over Money Laundering Issues!

The German regulator BaFin conducted a special audit at payment service provider Unzer. According to insiders, the regulator will soon impose a substantial fine on the payment processor. According to a report in the German Manager Magazine, Bafin could even impose a ban on new business, as it had already done with N26. In addition to money laundering deficiencies, Unzer had business dealings with German businessman Ruben Weigand, who was convicted of running a bank fraud scheme in the U.S.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.

U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!

The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.

Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!

The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.