BaFin announces warning on unauthorized services by AuraSwiss

Section 37 of the German Banking Act (KWG) allows BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator to handle the settlement. Additionally, BaFin has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities; if the information is proven false, BaFin is required to correct it.

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