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In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that LBB Private Bank/LLB AG Private Berlin/Luxemburg has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not subject to BaFin’s supervision.
Furthermore, the website “Ibbagprivate.com” does not belong to Landesbank Berlin AG, Landesbank Baden-Württemberg or Liechtensteinische Landesbank AG (LLB AG) – institutions that actually are being supervised.
This is a case of suspected identity theft committed by unknown perpetrators. Based on the contents of the aforementioned website and on information available to BaFin, there are grounds to suspect that LBB Private Bank/LLB AG Private Berlin/Luxemburg is conducting banking business and/or providing financial services in Germany without the required authorisation.
Companies that conduct banking business or provide financial services in Germany require authorisation from BaFin under the KWG. However, some companies operate without the necessary authorisation. Information on whether a certain company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that anyone 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.
