meta_id 3395241

On May 11, 2026, Germany's Federal Financial Supervisory Authority (BaFin) imposed a fine of €10,000 on Volksbank Senden eG for breaching its supervisory obligations regarding reporting processes to the BaFin account comparison service. The fine became legally binding on February 12, 2026. Volksbank Senden eG failed to maintain adequate internal controls over its account comparison reporting processes. These process weaknesses resulted in multiple inaccurate account model details being published on the BaFin account comparison website throughout 2025, with corrections not implemented for extended periods. Under the Payment Accounts Act (Zahlungskontengesetz), payment service providers must submit information necessary for the account comparison service to BaFin within three business days of introducing new account models or modifying existing comparison criteria. Submissions must occur through BaFin's reporting and publication platform (MVP-Portal) to enable automated reporting. The BaFin account comparison service provides consumers with transparency to facilitate initial assessment when selecting a current account. The service contains information on approximately 1,100 payment service providers offering around 6,600 payment account tariffs, displayed using comparison criteria including monthly fees and overdraft interest rates. While BaFin conducts spot-check quality audits on submitted data, payment service providers remain responsible for ensuring accuracy and compliance with published guidance, including documentation for account submission in XML format and frequently asked questions. Payment service providers failing to meet reporting obligations—whether through non-compliance, incomplete submissions, or untimely notification—face potential monetary penalties under the Comparison Website Reporting Regulation (Vergleichswebsitemeldeverordnung). This enforcement action underscores BaFin's commitment to maintaining data integrity within the account comparison framework.