Tax, law and standards
BaFin
Abbreviation for Bundesanstalt für Finanzdienstleistungsaufsicht
In short and in plain language
BaFin is the German office that watches over banks.
It also checks firms that handle payments, and insurers.
It explains how the rules for these firms apply.
Definition
BaFin is the German Federal Financial Supervisory Authority. It supervises banks, payment service providers and insurers. It also explains how supervisory rules apply, for example to checking the payee name before a credit transfer.