BaFin announces warning on unauthorized services by Fintexa.net

Section 37 of the German Banking Act (KWG) empowers BaFin to act against unauthorized banking activities or financial services. If a company operates without required licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. Additionally, BaFin can inform the public about suspected unauthorized activities and must correct any false information if proven otherwise.

BaFin oversees Germany's financial system stability and integrity by supervising banks, financial service institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing. Since May 1, 2002, following the merger of three federal supervisory offices, BaFin has been responsible for regulating and supervising the financial sector.