Erscheinung:09.03.2021 | Topic Unauthorised business swiss24.io: BaFin investigates Axis Solutions LTD
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that Axis Solutions LTD has not been granted authorisation to conduct banking business or to provide financial services. The company is not subject to BaFin’s supervision.
Axis Solutions LTD sends falsified excerpts from BaFin’s database of companies and claims to be registered as “Swiss24” under the number 504072. This number does not exist and is being cited fraudulently to give the appearance that the company is supervised and authorised by BaFin.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. Some companies do so without the necessary authorisation, however. Information on whether a certain company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt) 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.
