Atlanta, Georgia – Today, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Allianz FX Limited d/b/a allianz-fx.net (“Allianz FX”) became final. 

The Order to Cease and Desist was issued by the Department after it obtained evidence that Allianz FX is improperly holding itself out as licensed by the Department pursuant to § 7-1-680 et seq.  Specifically, Allianz FX has posted on its website a document purporting to be a license issued by the Department to engage in financial brokerage services and real estate management.  The purported license document was not issued or authorized by the Department. 

The Order to Cease and Desist found that Allianz FX is in violation of O.C.G.A. § 7-1-692(a)(1), which prohibits any person from committing any fraud, engaging in dishonest activities, or making any misrepresentation.  The Department ordered Allianz FX to cease and desist from engaging in activities in violation of Article 4 of the Financial Institutions Code of Georgia, O.C.G.A. § 7-1-680 et seq.

The Department has never licensed Allianz FX to engage in any activity regulated by the Department.  Pursuant to O.C.G.A. § 7-1-680 et seq., the Department regulates money transmitters and sellers of payment instruments.  Further, the Department regulates state-chartered banks, credit unions, trust companies, and bank holding companies, as well as residential mortgage brokers and lenders, mortgage loan originators, installment loan companies, and check cashers.  The Department does not regulate financial brokerage services or real estate management. 

Pursuant to O.C.G.A. § 7-1-689(l), the Department makes license status information available to the general public via NMLS Consumer Access at https://www.nmlsconsumeraccess.org. Consumers are encouraged to use this website to verify whether someone is licensed by the Department. 

 

 

Contact: 
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected]

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