BaFin, the German financial watchdog, has recently announced that it had been conducting
an audit of the Wirecard user accounts. This has been done for the period 2017, 2018, and
the first half of 2019.
BaFin was conducting the audit after the Financial Reporting Enforcement Panel (FREP)
informed it Wirecard declined to admit an error. It was also mentioned that the payment
firm even refused to cooperate with FREP.
The outcome of this review could provide ammunition for the prosecutors. The suspect
that the Wirecard officials executed a criminal racket to fake the firm’s accounts and trick
creditors for billions of euros.