Frankfurt Usually not even regulatory experts are interested in the internal administration of the Bafin financial regulator. The Wirecard scandal has changed that: Since it became known that employees of the authority had privately traded in shares and derivatives of the now insolvent payment service provider, the internal controls of Bafin have been criticized – and thus ultimately also those responsible for internal administration and law Executive Director Béatrice Freiwald.
Now the new Bafin President Mark Branson is making legal and compliance issues a top priority: As of December 1, the Briton with the Swiss passport will take over the legal department, which also includes the whistleblower whistleblower office, as well as the compliance department, which previously belonged to Freiwald’s area of responsibility. The Executive Director then remained responsible for personnel, organization and IT.
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