Federal Financial Supervisory Authority
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Search complete. 16 mentions across 12 episodes found for "Federal Financial Supervisory Authority".
Oct 25, 2026
Bill HannaHOST
And then we'll jump into the timeline of events beginning from 2008, which is the beginning of the whistle blowing in this case, as well as the involvement from Ernst & Young at the time.
Bill HannaHOST
And then we'll go over the role of the Financial Times, which had a huge role and impact in uncovering the fraud in this case, as well as the involvement of the BaFin, which is the financial regulator in Germany, which I'm not going to try to pronounce the full name because I'm just going to embarrass myself.
Bill HannaHOST
as well as the involvement of the accounting watchdog that they hired, which is a financial, the FRAP or the Financial Reporting Enforcement Panel, which is a private entity that the Buffen hired to act as a watchdog in this case.
Bill HannaHOST
And then we'll go over the timeline of events up until the insolvency in June of 2020.
Bill HannaHOST
And it was a known fact at the time that Wirecard had customers in reality that were in the business of online gambling in the US and porn as well.
Bill HannaHOST
But we don't know for sure if Wirecard was involved in any money laundering, but they did have customers in these business segments.
Bill HannaHOST
And then obviously Wirecard came out and denied these allegations and they filed a formal complaint with the BaFin, which is the German financial regulator, claiming that these hedge funds and short sellers are trying to manipulate the stock price.
Bill HannaHOST
And in the same year, in 2016, Wirecard went ahead and hired a bigger PR firm because they realized that they needed to have a more experienced PR company to manage the public relations with all of the attacks and allegations coming from the Financial Times and from the hedge fund managers.
Marc SabadíGUEST
And then it's gonna come optical ID verification processes, the ones that we, we, we use now, you know, a physical document onboarding with a selfie and liveness.
Marc SabadíGUEST
And the third thing is gonna change is that it's gonna be the, the standards for security are gonna be raised and friction is gonna be lower, especially from some markets like, you know, uh, Germany with BaFin, Spain for-- with SEPLAC.
Marc SabadíGUEST
Now you need the human being in the loop to get the higher as-assurance, whereas with the new regulation, you can do a fully automated process with the higher security standards.
Justin HannaHOST
Now, a controversial question.
Chris KirkbrideHOST
On bribery, corruption and market abuse, Greco outlines strategic priorities and closes Denmark's fourth evaluation.
Chris KirkbrideHOST
The Court of Appeal quashes more LIBOR and EUROBOR convictions, and BaFin fines Volkswagen AG for market disclosure breaches.
Chris KirkbrideHOST
Finally, Europol warns of quantum computing risk to cryptocurrency wallets and HarvestNow decrypt later data threats.
Chris KirkbrideHOST
A transcript of this podcast with links to the stories will be available at www.crimes.financial. We'll start with the sanctions news.
12 MINS LATER
Chris KirkbrideHOST
Originally convicted between 2016 and 2019 for their roles in setting LIBOR and EUROBOR benchmark interest rates, The men applied for a review in August 2025 after the Supreme Court ruling, which quashed the related convictions of traders Tom Hayes and Carlo Palumbo.
Chris KirkbrideHOST
Presiding Judge Lord Justice Edis commended the CCRC's extensive review process, while CCRC Chair Dame Vera Baird KC confirmed that trial jury misdirections and legal errors rendered all five convictions legally unsafe.
Chris KirkbrideHOST
The other piece of market abuse news comes from Germany, where the Federal Financial Supervisory Authority, or BaFin, has imposed a €1.2 million administrative fine on Volkswagen AG for violating ad hoc disclosure requirements under Article 17 of the Market Abuse Regulation.
Chris KirkbrideHOST
According to BaFin, VW AG's forecast for the 2023 financial year was significantly above market expectations, constituting inside information which mandated an immediate public ad hoc announcement.
speaker_3NARRATOR
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation.
speaker_3NARRATOR
Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank, ECB, by Germany's Federal Financial Supervisory Authority, BaFin, and by Germany's central bank, Deutsche Bundesbank.
speaker_3NARRATOR
Brokerage services in the United States are offered through Deutsche Bank Securities Incorporated, a broker dealer and registered investment advisor which conducts investment banking and securities activities in the United States.
speaker_3NARRATOR
Deutsche Bank Securities Incorporated is a member of the Financial Industry Regulatory Authority, FINRA, the New York Stock Exchange, NYSE, and the Securities Investor Protection Corporation, SIPC.
Patrick TeichmannGUEST
So the thing is, I have kind of copied this from the German financial supervision.
Patrick TeichmannGUEST
Yeah, the BaFin, which has in its circulars for the banks and the insurances, a kind of this classification procedure and a central register for applications developed outside of the central IT and where they're documenting it.
Patrick TeichmannGUEST
And the thing is, somehow this register has kind of good ideas, yeah, in terms of documenting who owns it, what are particular conditions under which it runs.
Patrick TeichmannGUEST
And I would apply the same for IAM, for IG8 platforms, yeah, so where you have, like, the opportunity to have, like, you have the platform and these customizations inside where you then define at least two fields, I would say, yeah, two fields that are most relevant and should be documented.
Patrick TeichmannGUEST
So the thing is, you said the, the registry, the customization registry.
Patrick TeichmannGUEST
So the thing is, I have, uh, kind of copied this from the German, uh, German financial supervision, yeah, the BaFin, which has in its circulars for the banks and the insurances, a kind of these, uh, classification procedure and a central register for applications developed outside of the central IT and where they're documenting it, yeah.
Patrick TeichmannGUEST
So and the thing is, somehow this register has kind of good ideas, yeah, um, in terms of documenting who owns it, what are particular conditions under which it runs.
Patrick TeichmannGUEST
And I would apply the same for IAM, for IGA platforms, yeah.
speaker_3NARRATOR
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation.
speaker_3NARRATOR
Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank, ECB, by Germany's Federal Financial Supervisory Authority, BaFin, and by Germany's Central Bank, Deutsche Bundesbank.
speaker_3NARRATOR
Brokerage services in the United States are offered through Deutsche Bank Securities Incorporated, a broker-dealer and registered investment advisor, which conducts investment banking and securities activities in the United States.
speaker_3NARRATOR
Deutsche Bank Securities Incorporated is a member of the Financial Industry Regulatory Authority, FINRA, the New York Stock Exchange, NYSE, and the Securities Investor Protection Corporation, SIPC.
Michael DiegelmannGUEST
And give you one example.
Michael DiegelmannGUEST
So we-- so in Germany, we have the, the BaFin, which is the equivalent of the SEC in, in the UK.
Graeme ArrowsmithHOST
Mm-hmm.
Michael DiegelmannGUEST
Okay? And so we, we took all the, um, the, the SEC testings because they are public, and s-- and asked our system, "What would you think come up if you get an audit?" And the comparison was a hundred and X percent.
Michael DiegelmannGUEST
So we saw everything that the BaFin has tested plus more.
Michael DiegelmannGUEST
And therefore, if you know all this prior your publication, then you can eliminate it, or you can prepare and say, "Look, that's the way it is.
Michael DiegelmannGUEST
The nu-- our numbers are the way they are, and we stand for them."
David BennettHOST
It also said the information in its MiCA register is provided by national competent authorities when entities reflecting information received from the relevant auth-authorizing or n-notified regulator.
David BennettHOST
Germany's Federal Financial Supervisory Authority, or BaFin, declined to provide whether or further information citing legal confidentiality obligations, and the French and Greek watchdogs had not responded by publication.
David BennettHOST
Okay, so Binance is fighting to stay in the EU, and it do- honestly, it doesn't look good for Binance.
David BennettHOST
I mean, everybody seems to be, "Eh, whatever, dude," because that MiCA, it's a huge regulatory wall, and it looks like Binance got caught outside on the wrong side of the moat around the castle, as it were, and they are fighting to get in.
Matthew AIHOST
What makes this launch noteworthy?
speaker_4UNKNOWN
USDAU is issued through Allunity's BaFin-licensed electronic money institution, making it fully compliant with MiCA regulations.
speaker_4UNKNOWN
The token is redeemable one-to-one for USD reserves and launched across six blockchains: Ethereum, Solana, Base, Tempo, Ark, and Polygon.
speaker_4UNKNOWN
Additional networks are planned later this year.
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