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BAM Bundesweites Anlagenmanagement UG (haftungsbeschränkt), Hamburg/Berlin: information from BaFin with regard to the winding up of unauthorised deposit business

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In a notice dated 12 July 2021, BaFin ordered BAM Bundesweites Anlagenmanagement UG (haftungsbeschränkt) (hereinafter “BAM”) to cease its unauthorised deposit business.

After reviewing the situation, BaFin has made the following arrangements to ensure that the purported “blocked accounts” (Sperrkonten) are wound up in an orderly manner.

I. Prompt payments for customers already living in Germany

In the next few days, Aareal Bank AG will transfer the outstanding payments for July 2021 and the payments due for August 2021 to customers of BAM who are already living in Germany and who received funds from their “blocked accounts” prior to 1 June 2021; the transfers will be made to the accounts last used by the students. These customers will not have to submit any additional proof of identity since their data, in particular their bank account numbers, have already been provided.

Students in this group who do not receive a transfer from Aareal Bank AG in the next few days are asked to follow the instructions below.

Students who arrived in Germany in or after June 2021 and who have not yet received any payments from their “blocked account” are requested to contact Aareal Bank AG at [email protected] and to provide their German bank account details (name of the account holder, IBAN and BIC).

In order to allow Aareal Bank AG to verify the account holders’ identities, we request that you attach digital copies of the following documents:

  • Passport or identity card showing your name, surname, date of birth,
  • German visa, residency permit or certificate of enrolment at your university (if neither visa nor residency permit has been issued),
  • Entry stamp of the German Federal Police,
  • Blocked Account Confirmation from BAM, and
  • Blocked Account Transfer Instructions from BAM.

After verifying the students’ identities, Aareal Bank AG will promptly transfer the payments for July and August 2021 to the German bank accounts specified by the students. Verification is necessary since account details for this group of customers have not yet been made available.

Customers who have contacted BaFin by e-mail in recent days are requested to resubmit their enquiry, together with the specified documents, to Aareal Bank AG using the above e-mail address.

II. Winding up of “blocked accounts”

Aareal Bank AG has been tasked with transferring all of the funds held in the “blocked accounts” set up by BAM to new blocked accounts at other institutions. All customers of BAM, regardless of whether they are already living in Germany or have not yet arrived in Germany (for example because the required visa has not yet been issued) are requested to open a new blocked account with another licensed credit institution without undue delay and to communicate their new account details (name of the account holder, IBAN and BIC) to Aareal Bank AG using the e-mail address [email protected]

In order to allow Aareal Bank AG to verify the customers’ identities, we request that you attach digital copies of the following documents:

  • Passport or identity card showing your name, surname and date of birth,
  • Blocked Account Confirmation from BAM, and
  • Blocked Account Transfer Instructions from BAM.

Following customer verification, Aareal Bank AG will promptly transfer the funds held in the omnibus trustee account (Sammeltreuhandkonto) for these customers to their new blocked accounts.

Customers who have contacted BaFin by e-mail in recent days are requested to resubmit their enquiry, together with the specified documents, to Aareal Bank AG using the above e-mail address.

III. Information from the Federal Ministry of the Interior, Building and Community (BMI) on the situation with regard to German residency law

Under the German Residence Act (AufenthaltsgesetzAufenthG), in order to receive a residence permit, students from third countries must provide evidence that they have adequate financial resources. Such evidence is usually provided in the form of a deposit in a blocked bank account. In order to avoid potential disadvantages with regard German residency law, students from third countries that have opened a purported “blocked account” with BAM are asked to follow the requirements set out in this announcement.

The Federal Ministry of the Interior, Building and Community (Bundesministerium des Innern, für Bau und Heimat – BMI) has already informed the federal states, which are responsible for enforcing German residency law, about the particular circumstances of the present case. Now that BaFin has decided on the procedure to be followed in this case, the BMI will promptly ask the federal states to ensure that customers of BAM are not faced with disadvantages with regard to German residency law if they can demonstrate that they have applied for a blocked bank account with another institution in due time and have informed Aareal Bank AG of their new account details.

IV. Further questions

Customers of BAM who have further questions regarding the winding up of the “blocked accounts” are requested to contact Aareal Bank AG at [email protected]
For questions concerning the situation with regard to German residency law, please contact your local foreigners authority.

Please note that BaFin cannot answer individual questions regarding the winding up of individual “blocked accounts” or concerning problems with regard to German residency law.

This news item was originally published by the Federal Financial Supervisory Authority (BaFin DE). For more information, see the Source Link.

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