Entries by Christian Walz

PayTechTalk 35 – About BaFin’s Instructions for the Interpretation and Application of the German Anti-Money Laundering Act (IIA)

 The instructions for the interpretation and application (IIA) of the German Federal Financial Supervisory Authority (BaFin) on the German Anti-Money Laundering Act are still quite new. BaFin published them at the end of last year, on 11 December. Peter already took a detailed look at the so-called IIA on PayTechLaw in January. During the […]

Payment services. What is what?

Do you know the type of questions where the answer depends on who you ask? An example of such a question is what constitutes a payment service. If you ask the legislator, the answer will be a more or less comprehensible but rather abstract catalogue of activities. If you ask a lawyer, he or she […]

PayTechTalk 30: BaFin licence for payment institutions – this is how it works

Since the implementation of PSD2, or most likely even before, many companies have been preoccupied with one question: How, as a payment institution, do I get a BaFin licence? In this episode of PayTechTalk, we deal with all the important questions concerning permission applications. This is how the approval for a BaFin licence for payment […]

KYC and the distribution of e-money: Do I have to or not? Section 25i para. 2 German Banking Act (KWG)

The German legislator transposed the requirements of the 4th EU Anti-Money Laundering Directive (AMLD 4) into German law on 23 June 2017. At that time, many market participants (including ourselves) were full of hope. The parties concerned wanted practical rules and, above all, more clarity. A good year later, many have become disillusioned. This certainly […]

Difficult times for DCC – Commission takes a closer look at currency conversions

On 28 March 2018, the European Commission presented a proposal for an amendment to Regulation (EC) No. 924/2009 on cross-border payments within the EU (EU Fees Regulation). With the amendment, the Commission wants to create new information obligations regarding currency conversions. One of the Commission’s aims is to address some of the problems related to […]

Authorized e-money institutions: Commission report highlights the unequal distribution in the EU

On 25 January 2018 the European Commission published its report on the implementation and impact of the 2nd E-Money Directive (2009/110/EC; EMD2). In its report, the Commission, inter alia, looks at the implementation of EMD2 and its impacts. Additionally, it deals with the effects of PSD2 on the e-money business and the interrelationship between EMD2 […]

Marketplaces and online platforms under PSD2 – clarity instead of cookies

On 29 November, BaFin published the long-awaited, newly amended guidance note on the German Payment Supervisory Act (PayTechLaw already reported on the BaFin guidance). In its note, BaFin not only addresses the changes that are made due to the transposition of PSD2. It also deals with payment transactions on online platforms and marketplaces that bring […]