BaFin publishes administrative measures after completion of special audit at Unzer E-Com GmbH
Heidelberg, 31 August 2022 - The Federal Financial Supervisory Authority (BaFin) has completed its special audit of the payment service provider Unzer E-Com GmbH, an Unzer Group subsidiary. The auditors declared findings in particular in the areas of new customer onboarding and AML processes in the examined period ending June 2021. BaFin has ordered the resolution of its findings and until then, a temporary pause of the acceptance of new customers by Unzer E-Com GmbH. The temporary new customer pause does not apply to ongoing and new business with existing customers, nor does it apply to the business of other Unzer entities in Germany and abroad. Moreover, BaFin has appointed a special commissioner to monitor compliance with the imposed administrative measures.
Unzer has cooperated with BaFin and will continue to do so. Building on the measures already established since mid-2020, Unzer will implement the remaining requirements imposed on the company swiftly and expeditiously.
Robert Bueninck, CEO of Unzer since July 2021, states: "The conclusion of the special audit is an important milestone for us to continue improving our own compliance systems and processes. Further improving our compliance systems and processes remains a high priority. A culture of full compliance with regulatory standards is a prerequisite for sustainable success in the market."
In the past twelve months, the Company appointed a new Chief Compliance Officer in June 2021 and has undertaken a variety of initiatives to improve compliance processes and systems with the support of external experts. This project includes a significantly improved process for onboarding new clients. This process was already part of the audit by Deloitte. In its audit opinion on 31 May 2022, the auditor Deloitte confirms that the process is appropriately designed to meet the relevant regulatory obligations. In total, Unzer has so far invested approximately €15 million in developing compliance processes and implementing new software tools. Moreover, prior to and in the course of the BaFin audit Unzer has parted ways with merchants who have been identified as non-compliant with our requirements.
"We look forward to the future of our company and are continuously expanding our portfolio of payment solutions for our merchants. At the same time, we will fully resolve the objections by BaFin and will cooperate with the special commissioner in a trusting manner. Needless to say, we will be supporting our clients with the high level of service our teams are committed to,” said Robert Bueninck.
About Unzer
Unzer is one of the leading payment companies in Europe. More than 70,000 merchants rely on the company's end-to-end solutions for greater growth – online, mobile, and at the point of sale. From international payment processing and risk management to analysis of customer behaviour, merchants can combine Unzer’s data-driven services on a modular basis. This means that merchants only need a single partner to make their payment systems flexible, innovative, and future-proof. Thanks to numerous strategic acquisitions in the last few years, Unzer has developed into one of the fastest growing fintech companies in Europe. Unzer group generated sales of EUR 241 million in 2021, of which Unzer E-Com GmbH contributed around 12%. Today, over 750 payment experts and tech enthusiasts work on helping merchants achieve sustainable growth in a dynamic market.