Erscheinung:07.10.2021 | Topic Unauthorised business Flawlesstradefx Ltd.: BaFin investigates unauthorised business activities
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin clarifies that Flawlesstradefx Ltd. has not been granted authorisation to conduct banking business or to provide financial services. The company is not subject to BaFin’s supervision.
On its website flawlesstradefx.com, Flawlesstradefx Ltd. claims that it is authorised by BaFin and other EU supervisory authorities. This claim is not true. Furthermore, the company fraudulently cites the BaFin ID assigned to NSFX Limited (131055), which has no connection with Flawlesstradefx Ltd. The information provided on the company’s website also gives reasonable grounds to suspect that it is conducting banking business/providing financial services in the Federal Republic of Germany without the required authorisation.
Under the KWG, authorisation is required in order 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 identify fraud attempts at an early stage.
