Since 2017, the BaFin financial regulator has checked the Wirecard Bank several times. The lending business was examined in two special audits, and at another time in the fight against money laundering. This emerges from the response of the Federal Ministry of Finance to a request from the Green MP Danyal Bayaz, which is available to the Reuters news agency.
"The Wirecard Bank has been checked several times by BaFin in the past few years - apparently without any relevant result," said Bayaz. BaFin must now disclose its test results to the Bundestag.
The agency examined the credit business of the bank, which belongs to the insolvent payment service provider Wirecard, from June 3 to July 21, 2017. A second special audit, which lasted from July 2 to 4, 2019, dealt with the fight against money laundering. Special audits according to the German Banking Act (KWG) are considered the most difficult measure by BaFin. The industry newsletter FinanzSzene.de first reported on the two tests .
Wirecard was not classified as a financial holding company
Wirecard Bank has a full banking license and was therefore under the supervision of BaFin. In contrast, the authority had virtually no control over the parent company Wirecard, according to BaFin. Because Wirecard AG was not classified as a financial holding company - a fact that caused a lot of criticism.
"After a joint examination by the Deutsche Bundesbank and BaFin in 2017 and in accordance with a later statement by the ECB, Wirecard AG was not a financial holding company," the Finance Ministry said in a letter to Bayaz. BaFin is currently reviewing the classification of the entire group.