Warning from the Financial Market Authority, Austria.
The FMA warns investors against the conclusion of banking services requiring a licence with this provider.
Pursuant to Article 4 para. 7 first sentence of the Bankwesengesetz (BWG; Banking Act), the Austrian Financial Market Authority (FMA) may disclose to the general public by publication on the Internet, in the official gazette “Amtsblatt zur Wiener Zeitung”, or in any other newspaper with nationwide circulation, that a particular natural or legal person (person) is not entitled to carry out certain banking transactions, provided that said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned.
By publication in the official gazette “Amtsblatt zur Wiener Zeitung” of 23 January 2016, the FMA informs, that:
WeRe Bank www.werebank.com
is not entitled to carry out banking transactions in Austria that require a licence.
The provider is therefore prohibited from issuing and administering payment instruments such as credit cards, bankers' drafts and traveller's cheques, with no limitation applicable to the term of crediting in the case of credit cards (Art. 1 para. 1 no. 6 BWG).