Germany: The Federal Financial Supervisory Authority (BaFin) Issues Warning on swissalgo.org’s Unauthorized Financial Activities

Germany: The Federal Financial Supervisory Authority (BaFin) Issues Warning on swissalgo.org’s Unauthorized Financial Activities © Kai Hartmann Photography / BaFin

(IN BRIEF) The Federal Financial Supervisory Authority (BaFin) has issued a warning about the website swissalgo.org. BaFin’s investigation reveals that the operator of the website, known by various names including Swiss Algo and CentralKasse, is providing financial and investment services without proper authorization. The operator’s inconsistent identity and lack of legal information have raised concerns. BaFin stresses that all financial activities in Germany require BaFin authorization. Consumers are advised to verify authorization through BaFin’s database and exercise caution while investing online, collaborating with law enforcement agencies.

(PRESS RELEASE) BONN, 30-Aug-2023 — /EuropaWire/ — In a recent development, the Federal Financial Supervisory Authority (BaFin) is urging consumers to exercise extreme caution when dealing with the website swissalgo.org. BaFin has uncovered that the operator of swissalgo.org is engaging in financial and investment services without the essential authorization, raising serious concerns about consumer protection.

The operator behind swissalgo.org, which goes by the names Swiss Algo, CentralKasse, and emgprime, is operating in an inconsistent manner, lacking transparency about its legal identity. Furthermore, the website does not provide any comprehensive details regarding its legal status, leaving consumers in doubt. The stated company address is located in South Croydon, United Kingdom.

It is crucial to emphasize that conducting banking, financial, or investment activities within Germany necessitates explicit authorization from BaFin. Unfortunately, instances of unauthorized entities offering such services persist. To verify whether a specific company has obtained proper authorization from BaFin, individuals are encouraged to consult BaFin’s comprehensive database of registered entities.

This alert is in accordance with the provisions outlined in section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

Consumer Caution Advisory

BaFin, in collaboration with the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter), strongly advises individuals intending to invest funds online to exercise the utmost diligence and prudence. Conducting thorough research prior to any financial engagement is of paramount importance, as this preemptive measure aids in recognizing potential fraudulent schemes at an early stage.

For further information and updates, please refer to BaFin’s official website and trusted financial news sources.

Media contacts:

Jacque­line Juk­nat
Head of Communications
Phone: +49 (0) 228 / 4108 – 4629
E-mail: Jacqueline.Juknat@bafin.de

SOURCE: BAFIN