It is safe to say that Facebook’s announcement of Libra, the world’s first stable crypto currency, has caused somewhat of a stir. While crypto-purists are generally unimpressed with Libra, as it is not in line with the “pure doctrine”, our esteemed colleague Simon Taylor of 11:FS spoke of a “holy shit moment”. We think […]
Often when talking about money laundering, people immediately think of Al Capone. And that is quite accurate, because the term money laundering can be traced back to the actions of the infamous criminal from the 1920s and 1930s. Capone had accumulated so much so-called tainted money from his numerous crimes that he had to “wash” […]
In today’s episode of PayTechTalk, we – that is Christian, Hugo and myself – will be looking at the draft law presented by the German Ministry of Finance regarding the implementation of the Amendment to the Fourth EU Anti-Money Laundering Directive (Directive [EU] 2018/843) (= AMLD5). You can find a good overview of this draft […]
Payment by credit card is becoming a popular method of payment in Germany. Around five percent of all payments are today conducted this way. However, many people only have a very faint idea – if any at all – about how payment with a credit card works from a legal perspective. Matthäus recently published […]
After our first joint podcast with Kilian Thalhammer at the Money20/20 Europe in (back then still) Copenhagen and our joint podcast with Jochen Siegert about the Bitcoin decision, we are now pleased to present the third joint Podcast with Payment & Banking. For the 201st episode of the Payment & Banking FinTech podcast and the […]
Hanno Bender, a lawyer and journalist (since May 2014 head of the department “Law and Politics” at the newspaper Lebensmittel Zeitung), used the holidays “between the years” to look into the “really important questions in life”. On 7 January, he was ready to produce his work and published his “100 questions to the payment industry […]
Last week I gave you an update on the Bitcoin decision. Let’s recap. On 25th November 2018 the Kammergericht Berlin (Az.: (4) 161 Ss 28/18 (35/18)) ruled that the trading of Bitcoin was not a criminal act. According to the court, Bitcoin is not a financial instrument under the rules of the the Kreditwesengesetz and […]
In its “Bitcoin decision” of 25 September 2018, the Berlin Court of Appeal (case no.: (4) 161 Ss 28/18 (35/18)) ruled that trading Bitcoin was not a crime. Bitcoin are not financial instruments within the meaning of the German Banking Act, in particular, they are no units of account. At first glance, this may not […]
In PayTechTalk 28 haben wir uns intensiv mit dem Thema Geldwäscheprävention befasst und versucht, die wesentlichen Grundlagen zu vermitteln. In dieser Episode erläutern wir, wie ein Verpflichteter im Sinne des Geldwäschegesetzes bei geldwäscherechtlichen Sorgfaltspflichten auf Dritte zurückgreifen kann (siehe dazu auch den Beitrag meiner Kollegin Nasim zu § 17 GwG). KYC durch Dritte? So gehts! KYC […]
In PayTechTalk 28 I will be discussing an issue that is of great importance for our advisory practice with my colleague Christian Walz. No, we are not talking about a song by the German band ‘Fantastische Vier’ – it´s all about the prevention of money laundering. In this episode we would like to communicate some basic […]