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Payment-related frauds and scams are a growing phenomenon – Financial Supervisory Authority investigation reveals scope for improving security of banking transactions
FIN-FSA
Various payment-related frauds and scams have been sharply increasing in recent years. The means used by criminals are also constantly evolving. According to an investigation by the Financial Supervisory Authority (FIN-FSA), there is scope for improving the security of banking transactions, for example by developing security restrictions on online banking and mobile payments and by more effectively monitoring and blocking fraudulent transactions. Users of services themselves also bear responsibility.
BaFin investigates purported sale of TikTok shares
BaFin
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered by Burberryinvest, based in New York, United States of America, and in London, United Kingdom. The company is offering financial and investment services without authorisation under the German Banking Act (Kreditwesengesetz – KWG) or the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG). Specifically, the company is leading investors to believe it can sell them shares in the Beijing-based company Bytedance Technology Ltd. (“TikTok shares”). In addition, BaFin has not received a securities prospectus from the company; the prospectus is required under the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG) for an offer of shares to the public.
FCA decides on £5.95m fine and industry ban for Nailesh Teraiya in latest cum-ex case
Financial Conduct Authority
The Financial Conduct Authority (‘FCA’) has decided to fine Mr Teraiya, formerly the sole controller and chief executive of Indigo Global Partners Limited (’Indigo’), £5.95 million and ban him from carrying out any regulated activity. The FCA has found that Mr Teraiya was responsible for Indigo’s participation in a sham trading scheme which obtained “repayment” of €91.2 million from the Danish tax authority, SKAT. In reality, this was not a repayment of tax as the claim related to shares that did not exist, no dividends had been paid and no tax had been deducted.
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