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The Federal Financial Supervisory Authority (BaFin) warns consumers about the company YEM FOUNDATION and the services it is offering. BaFin has information that the company is conducting banking business and providing financial services without the required authorisation. The company is not supervised by BaFin.
Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers 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.
