Currently, BaFin oversees some 2,700 banks, 800 financial services institutions, and more than 700 insurance companies.
To maintain the integrity and stability of the financial system and combat money laundering, BaFin is required, under the Banking Law, to run a centralized computer system that stores information about all accounts and their account titles.
This information must be established to BaFin by all financial institutions in Germany.
BaFin currently has two offices in Germany; one is located in the city of Bonn while its Central bank is located in Frankfurt.
The establishment of new banks in Germany is subject to a compulsory license subject to law, BaFin, as the competent authority, approves such permits.
It takes into account the management, minimum capital requirements, reliability, stable leadership and the sustainability of the business when passing licenses.