Disclosure details -

Federal Financial Supervisory Authority

Year 2002Regulated by Government

Prior to 2002, in Germany the regulation of the financial industry was undertaken by three separate agencies. In May 2002 BaFin was formed, following the passing of the Financial Services and Integration Act. The aim of the Act and the merging of the three agencies was to create one integrated financial regulator that would be able to cover all financial markets. The agencies that merged together were the Federal Banking Supervisory Office, the Federal Supervisory Office for Securities Trading, and the Federal Insurance Supervisory Office.BaFin was given further responsibility following the passing of the Banking Act in 2003 with the aim of increasing customer protection and improving the reputation of the German financial system. The extra powers included monitoring the credit-worthiness of financial institutions and collecting detailed information about them. This particular area of responsibility was shared with the Bundesbank. Currently, BaFin is experiencing a kind of transition, as the responsibility for banking supervision is being taken over by the European Central Bank.

Disclose broker

Danger Unauthorized

Monolux Trade Group

Disclosure summary

Disclosure matching Website matching
Disclosure time 2022-06-14
Reason for punishment The company is not supervised by BaFin.

Disclosure details

luxtradegroup.de: BaFin investigates Tristan Invest LLC

14.06.2022 | Topic Unauthorised business luxtradegroup.de: BaFin investigates Tristan Invest LLC In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Tristan Invest LLC has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. The information provided on the company’s website, luxtradegroup.de, gives reasonable grounds to suspect that the company, under the name LuxTrade or Monolux Trade Group, is conducting banking business and providing financial services in Germany without the required authorisation. Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies. BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.

Annex

Screenshot 1

More regulatory disclosure

Danger

2022-02-02

Ministry of Trade Blocks 1,222 Illegal Commodity Futures Trading Websites