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What is BaFin?
BaFin is an acronym for: Bundesanstalt für Finanzdienstleistungsaufsicht, in english: Federal Financial Supervisory Authority. This is a German public law institution with legal capacity, which is responsible for the regulation and supervision of the entire German financial industry.
The core task of BaFin is to ensure the integrity of the financial markets and the stability of the German financial system. BaFin achieves this by monitoring transactions, regulating banks, insurance companies and stock exchanges. Fair and transparent conditions are to be guaranteed by BaFin’s supervision, above all to ensure consumer protection. Money laundering as well as terrorist financing are also combated by BaFin.
BaFin was founded in 2002 by merging the Federal Insurance Supervisory Office, the Federal Securities Trading Supervisory Office and the Federal Banking Supervisory Office. This unification eliminated supervisory gaps and overlapping competencies.
BaFin’s overriding goal is to maintain the trust of bank customers, insured individuals and investors in the German financial system in the long term.
Further goals and tasks of BaFin are:
- Creation of trust and stability
- Supervision of initial public offerings
- Containment of money laundering, investment fraud, insider trading
- Sanctioning non-compliance
- Processing of consumer complaints
Supporting German financial services customers, many Cloud providers are committed to adhering to BaFin compliance protocols. Atlassian is no exception. As of December 2021, the Atlassian Cloud is BaFin-compliant. Read the full article here: Atlassian Cloud goes BaFin-compliant.