Erscheinung:16.12.2019, Stand:updated on 04.06.2020 | Topic Unauthorised business World Capital Group has no authorisation under section 32 of the German Banking Act (Kreditwesengesetz – KWG)
BaFin hereby announces that it has not granted World Capital Group, which allegedly operates branches in Zurich, Switzerland, and Lisbon, Portugal, with authorisation to conduct banking business or provide financial services in accordance with section 32 of the KWG. The company is not subject to supervision by BaFin.
The company falsely claims that the European Central Bank and BaFin are responsible for its authorisation and supervision. This gives the impression that the company has been granted authorisation by BaFin, which is not the case.
Update as of 27 April 2020:
In a notice dated 27 April 2020, BaFin ordered World Capital Group to cease its unauthorised deposit business within the meaning of section 1 (1) sentence 2 no. 1 of the KWG and to wind up this business without delay.
By law, this order is immediately enforceable but not yet final.
Update as of 4 June 2020:
The administrative order is final.
Please note:
In accordance with section 4 (4) of the German Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz – FinDAG), BaFin performs its functions and exercises its powers exclusively in the public interest. Due to their statutory obligation of confidentiality, BaFin’s staff are not in a position to provide third parties with information regarding the progress and results of administrative proceedings.
However, there are ways in which you can support BaFin’s work: if you have any specific information about the offeror mentioned above – such as contract templates, e-mail addresses, telephone or fax numbers of contact persons or the offeror’s account details – please do not hesitate to get in touch with contact point for whistleblowers.
