In a recent development, the financial supervisory authority, Bafin, has decided to ease its restrictions on Unzer E-Com GmbH, a subsidiary of the Berlin-based payment service provider Unzer. This decision permits Unzer E-Com to cautiously onboard new customers, marking a partial lifting of the ban on new business that had been in effect since the summer of 2022. Max Steiger, Chief Compliance and Governance Officer at Unzer, expressed satisfaction with Bafin’s recognition of the company’s efforts to enhance compliance standards and corporate governance.
Unzer, known for its role in processing payments in e-commerce and retail settings, underwent scrutiny from Bafin following a special audit, which uncovered numerous deficiencies in corporate management measures, control mechanisms, and procedures. Notably, serious shortcomings were identified in the realm of anti-money laundering measures, prompting Bafin to impose restrictions on new customer acquisition. Despite these challenges, Unzer remains committed to addressing the identified deficiencies under the oversight of a Bafin-appointed special representative.
The broader fintech landscape has also faced increased regulatory scrutiny in the aftermath of the Wirecard scandal, with Bafin examining various payment service providers for compliance with anti-money laundering regulations. While some fintechs have made strides in remedying deficiencies, others continue to grapple with regulatory constraints. Birgit Rodolphe, Executive Director at Bafin, acknowledged the progress made by certain companies but emphasized that easing restrictions would be contingent upon sustained improvement in compliance measures.
Notably, Bafin’s decision to ease restrictions on Unzer E-Com is accompanied by ongoing vigilance, with special representatives retaining oversight responsibilities even as growth restrictions are relaxed. This precautionary measure aims to prevent complacency and ensure the continued effectiveness of anti-money laundering mechanisms.
Unzer’s CEO, Robert Bueninck, has spearheaded efforts to address the company’s challenges, including the strategic decision to discontinue services for certain sectors, such as digital entertainment, encompassing adult entertainment and gaming providers. Despite recording a loss of 381 million euros in 2022, Unzer is navigating its financial restructuring with the support of major stakeholders, including financial investors like KKR and institutional creditors like Alcentra Asset Management, Goldman Sachs Asset Management, and the Partners Group.
While Bafin refrained from commenting specifically on the requirements imposed on Unzer, it reiterated its commitment to evaluating the effectiveness of anti-money laundering mechanisms through a cautious approach to easing restrictions on new customer acquisition. This measured approach underscores Bafin’s dedication to maintaining robust regulatory oversight while allowing fintechs the opportunity to demonstrate compliance and foster sustainable growth in the evolving financial landscape.
Unzer’s platform is crafted to streamline payment processes, offering merchants a seamless experience across diverse channels, devices, and markets. By consolidating payment data and providing actionable insights, Unzer empowers merchants to make informed decisions swiftly, enhancing customer satisfaction and driving business growth.
Unzer’s mission is crystal clear: to empower business owners to deliver unparalleled commerce experiences effortlessly. Regardless of the preferred payment method or shopping environment, Unzer equips merchants with the tools they need to exceed customer expectations and thrive in a competitive market.
In 2022, Unzer facilitated millions of transactions, cementing its position as a leader in the payment space. With revenue soaring into the millions of euros, Unzer’s impact reverberates throughout Europe. The company’s extensive network spans multiple locations, serving merchants of all sizes with unwavering dedication. Behind this success lies a team of passionate employees committed to upholding Unzer’s reputation for excellence.
