Latest news with #FederalFinancialSupervisoryAuthority
The Star
7 days ago
- Business
- The Star
German financial watchdog: AI is helping to catch market abuse
FILE PHOTO: The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay/File Photo FRANKFURT (Reuters) -Germany's financial regulator BaFin is using artificial intelligence to help it spot market abuse and suspicious patterns in trading, increasing the chances of catching offenders, a top official warned on Monday. BaFin President Mark Branson said the supervisor had started using artificial intelligence last year in its alert and market analysis system. "We can already see from this that the results of this analysis system have become more accurate," Branson said at a conference. "The chances of being caught in market abuse trading have never been so high, and here in Germany we know that the penalties for this can also be considerably high," he warned. BaFin under Branson has been trying to burnish its reputation after the fall of Wirecard, a former blue-chip hailed as a German success story and once worth $28 billion. The supervisor failed to spot accounting fraud at Wirecard ahead of its collapse in 2020, resulting in an effort to give BaFin "more bite" with a change in top leadership and more powers to spot and investigate wrongdoing. (Reporting by Tom Sims, Editing by Louise Heavens)
Reuters
07-05-2025
- Business
- Reuters
Germany finance regulator: banks strong but uncertainty high
The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay/File Photo Purchase Licensing Rights , opens new tab FRANKFURT, May 7 (Reuters) - Mark Branson, the president of Germany's bank watchdog BaFin, said on Wednesday that the nation's financial firms were in a strong position but that uncertainty would remain extremely high. "The possibility that problems in the non-banking sector have an impact on banks cannot be ruled out just because we have weathered the turbulence well so far," Branson said. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. Reporting by Tom Sims and Frank Siebelt, Editing by Rachel More Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Yahoo
25-02-2025
- Business
- Yahoo
DekaBank Rolls Out Crypto Trading, Custody Services for Institutions: Bloomberg
DekaBank, a German investment bank with 377 billion euros ($395 billion) in assets under management, introduced cryptocurrency trading and custody services for institutional clients after almost two years of development. The Frankfurt-based company's move follows regulatory approval for a crypto custody license from the Federal Financial Supervisory Authority (BaFin), while operating under the supervision of the European Central Bank (ECB), Bloomberg reported. "We have the necessary experience, required licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients," board member Martin K. Müller told Bloomberg. DekaBank, the asset manager of the country's largest financial services group, Sparkassen-Finanzgruppe, is marketing its new offering with a focus on security and regulatory compliance, according to the report. Other cryptocurrency offerings in the country's broader savings bank sector have already been introduced. Financial institutions such as Landesbank Baden-Württemberg (LBBW), have partnered with crypto platforms like Bitpanda to allow corporate clients to buy and sell cryptocurrencies. Meanwhile Germany's cooperative banks, led by DZ Bank, are planning to roll out a cryptocurrency offering aimed at private customers by the middle of the year. The initiative is being launched alongside IT service provider Atruvia and the Stuttgart Stock Exchange. DekaBank had not responded to a request for a comment by publication time. Sign in to access your portfolio
