Erscheinung:20.07.2021 | Topic Unauthorised business BAM Bundesweites Anlagenmanagement, Hamburg/Berlin: BaFin prohibits unauthorised deposit business and orders the unauthorised business operations to be wound up
In a notice dated 12 July 2021, BaFin ordered BAM Bundesweites Anlagenmanagement, Hamburg, to immediately cease its unauthorised deposit business.
The company offered blocked accounts (Sperrkonten) in accordance with the German Residence Act (Aufenthaltsgesetz) to foreign students coming to study in Germany. However, in violation of the relevant provisions, these accounts were not opened in the students’ names for the benefit of the students. Rather, the company collected the funds in its own account. BAM Bundesweites Anlagenmanagement therefore conducts deposit business on a commercial basis within the meaning of section 1 (1) sentence 2 no. 1 of the German Banking Act (Kreditwesengesetz – KWG) and will be deemed to continue doing so until the unauthorised business operations in question are wound up in full. The company does not hold the authorisation required under section 32 (1) of the KWG and is therefore conducting unauthorised business.
The company’s website, bamberlin.org, is no longer available. BaFin has taken measures vis-à-vis the credit institution holding the account in question in order to secure the students’ funds.
