The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding Swiss Partners AG, which is allegedly offering unauthorized banking and financial services through its website. This announcement was made in a news release on January 31, 2025.
According to BaFin, the company Swiss Partners AG, based in Liechtenstein, is providing financial and investment services without proper authorization via the website swissprimefx.com. It was clarified that Swisspartners AG and swisspartners Versicherung AG, entities registered with both BaFin and Liechtenstein's financial authority, are not connected to Swiss Partners AG or the aforementioned website. This situation suggests potential identity theft. In Germany, offering financial services requires authorization under the German Banking Act (KWG) and the German Crypto Markets Supervision Act (KMAG), as said in a press release by BaFin.
Section 37 of the German Banking Act empowers BaFin to take action against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order it to cease operations and appoint a liquidator for settlement purposes. Additionally, BaFin has the authority to inform the public if there is suspicion or evidence of unauthorized activities, according to information from the Federal Ministry of Justice of Germany.
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BaFin supervises the stability and integrity of Germany's financial system by overseeing banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.