A credit institution is an undertaking which conducts at least one of the banking businesses described in detail in section 1 (1) of the German Banking Act (Kreditwesengesetz) commercially or on a scale which requires […]
Category: Authorities
Lack of Financial Education
“You do not talk about money.” This is a common saying in German. “You do not talk about money? But we should! ”- under this motto, Austria’s Financial Market Authority (FMA) is launching a new […]
BaFin Corrects False Warning Against A Real Company And Warns Against Fake Business of a Doppelganger
Following its consumer report of December 3, 2020, the Federal Financial Supervisory Authority (BaFin) now makes it clear on January 18, 2021 that the activity as “asset manager” is not used by HTG Consulting GmbH, […]
How To Run A Credit Reporting Agency In China
The People’s Bank of China issued a Draft for comments on “Measures for the Administration of Credit Investigation Services“. It is intended to regulate the credit investigation business and related activities, and promote the healthy […]
China’s Administrative Measures for Credit Investigation And Regulations on the Administration of Credit Investigation Industry
On January 11, 2021 the People’s Bank of China announced the “Administrative Measures for Credit Investigation (Draft for Comment)”. This is another heavy new regulation that the credit reporting industry will usher in after the […]
Western Countries Still Lack Systems To Fight Identity Theft
The German Federal Financial Supervisory Authority (BaFin) published an urgent announcement “21.12.2020 | Topic Consumer protection: Warning regarding the website ‘otc-markets.eu’”. Regardless of the warning, the website is still active: BaFin advises that the website […]
FATF and BaFin Ratings
The European Union (EU) and Financial Action Task Force (FATF) lists countries with deficits in the fight against money laundering, terrorist financing and the financing of proliferation. The lists have far-reaching implications for country ratings […]