As of 29 July 2021, BaFin issued a cease and desist order to NetWork Consulting GmbH to stop and wind up the unauthorized money remittance business immediately.
NetWork Consulting GmbH accepts funds from private persons on its own accounts for the sole purpose of transferring these funds to mainly foreign accounts of companies based abroad.
The administrative order is immediately effective and enforceable though it may still be subject to judicial review.
