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

AssetsHaus

Disclosure summary

Disclosure matching Website matching
Disclosure time 2021-11-26
Reason for punishment The company is not subject to BaFin’s supervision.The criminals operate as the “Sparkasse Support Team” or “Sparkasse Großbritannien” and use the Sparkasse logo.

Disclosure details

Trading platform assetshaus.com: BaFin investigates activities of Teredo Group Ltd – unknown companies operating under the name “Sparkasse”

26.11.2021 | Topic Unauthorised business Trading platform assetshaus.com: BaFin investigates activities of Teredo Group Ltd – unknown companies operating under the name “Sparkasse” In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Teredo Group Ltd, Saint Vincent and the Grenadines, has not been granted authorisation to conduct banking business or to provide financial services, as required under the KWG. The company is not subject to BaFin’s supervision. The information provided on the Teredo Group Ltd. website, assetshaus.com, and the information and documents available to BaFin give reasonable grounds to suspect that the company is conducting banking business/providing financial services in the Federal Republic of Germany without the required authorisation. A reference to Teredo Group Ltd as the responsible company can only be found on the English-language website. This website also contains a reference to a further business address for the company in Manchester, United Kingdom. As part of the platform’s business activities, unknown persons/companies that do not belong to the Savings Banks Finance Group (Sparkassen-Finanzgruppe) have been contacting customers under the name “Sparkasse“. The criminals operate as the “Sparkasse Support Team” or “Sparkasse Großbritannien” and use the Sparkasse logo. BaFin would like to make clear that both the name and the logo are being used without authorisation; this gives reasonable grounds to suspect that fraudulent activities are being pursued here. Under the KWG, authorisation from BaFin is required to conduct banking business or provide financial services in Germany. However, some companies operate without the necessary authorisation. Information on whether specific companies have 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