Erscheinung:21.01.2014 | Topic Unauthorised business BaFin prohibits Bruma Service GmbH from conducting money-remittance business without authorisation
On 2 December 2013 BaFin issued an order prohibiting Bruma Service GmbH from conducting any further money-remittance business in Germany.
Bruma Service GmbH, domiciled in Switzerland, provided payment services without authorisation by collecting debt on behalf of others by directly debiting such amounts to accounts maintained in Germany or by accepting any amounts transferred to its own accounts in Germany and forwarding them as instructed. Clients of Bruma Service GmbH included providers of prize draws. BaFin does not have any information as to whether Bruma Service GmbH was entitled to directly debit the amounts to the accounts mentioned.
By accepting and forwarding the amounts in question using accounts maintained in Germany, Bruma Service GmbH was conducting money-remittance business as defined in section 1 (2) no. 6 of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) without the authorisation required pursuant to section 8 (1) sentence 1 of the ZAG. Pursuant to section 4 (1) sentence 1 of the ZAG, BaFin ordered Bruma Service GmbH to cease the business it was conducting immediately.
This order is final.
