Erscheinung:02.02.2015 | Topic Unauthorised business BaFin prohibits Dagensia Finance s.r.o., domiciled in the Czech Republic, from providing unauthorised money-remittance business in Germany
By order of 23 December 2014, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) prohibited Dagensia Finance s.r.o., domiciled in Prague, Czech Republic, from providing any further money-remittance business in the Federal Republic of Germany.
Dagensia Finance s.r.o. provided unauthorised payment services in Germany by accepting funds on its own accounts in Germany in order to process payment services transactions and by targeting the German market with its offer to provide payment services.
By accepting funds on German bank accounts and by making a targeted offer to provide money-remittance business to the German market, Dagensia Finance s.r.o. provided money-remittance business pursuant to section 1 (2) no. 6 of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) without having the authorisation required under section 8 (1) sentence 1 of the ZAG. Neither was Dagensia Finance s.r.o. authorised to provide payment services in Germany under the freedom to provide cross-border services pursuant to section 26 (1) of the ZAG. Dagensia Finance s.r.o. has been authorised in the Czech Republic by the Czech supervisory authority, the CNB Ceska Narodni Banka (hereafter: CNB), as „small (waived) payment institution“ to provide money transfers. The authorisation granted by the CNB did not extend to the provision of cross-border services.
In accordance with section 4 (1) sentence 1 of the ZAG, BaFin has therefore ordered Dagensia Finance s.r.o. to immediately discontinue these business operations.
The order is final.
