Erscheinung:21.01.2014 | Topic Unauthorised business BaFin prohibits Pay4 GmbH and its managing director, Mr Jens Leinert, from providing services for Bruma Service GmbH insofar as Bruma Service GmbH conducts money-remittance business
On 2 December 2013 BaFin issued an order prohibiting Pay4 GmbH, domiciled in Frankfurt/Main, and its managing director, Mr Jens Leinert, from providing services for Bruma Service GmbH, domiciled in Switzerland insofar as the latter conducts money-remittance business by collecting debt on behalf of others and 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 (see also publication of the same date).
Pay4 GmbH is involved in the initiation, conclusion and execution of the business operations conducted by Bruma Service GmbH without authorisation within the meaning of section 4 (1) sentence 4 of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG). Pursuant to section 4 (1) sentence 1 of the ZAG in conjunction with section 4 (1) sentence 4 of the ZAG, BaFin therefore ordered Pay4 GmbH and its managing director, Mr Jens Leinert (as a governing body of Pay4 GmbH), to cease these business operations immediately (section 4 (1) sentence 4, second half-sentence of the ZAG).
The orders are final.
