AAnti Money Laundering & Sanctions

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

PayTechTalk 35 | Auslegungs- und Anwendungshinweise | PayTechLaw
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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 consultation phase, the draft version published in March 2018 (hereinafter referred to as draft IIA) was heavily criticised by some participating associations. In his entry, which I highly recommend to all interested parties, Peter not only provides details on the background of the instructions for the interpretation and application, but also looks very closely at the changes between the IIA and the consultation version. He has also prepared a comparative version between the draft IIA and the final IIA (as of December 2018), which clearly shows BaFin’s changes after the consultation phase:  IIA_AML_BaFin Consultation 052018 compared to December 2018 (German). 

BaFin’s instructions for the interpretation and application on the German Anti-Money Laundering Act – are they painful or not?

It is a well-known fact that some people prefer listening to reading. And since you can often discuss topics more in more detail when talking to a few people, I used this episode of PayTechTalk to talk to my esteemed colleagues Susanne and Peter about BaFin’s instructions for the interpretation and application on the German Anti-Money Laundering Act. Which issues were clarified in the IIA and what problems do the IIA contain? Do BaFin’s instructions for the interpretation and application sufficiently tackle the specific business models of payment institutions, e-money institutions and other FinTechs – and if not, wherein lies the problem?

We will discuss these and other issues in PayTechTalk 35. Listen in!

 

Further information and related links

 

The original podcast is in German

Cover picture: Copyright © PayTechLaw

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Christian is a lawyer and partner at Annerton law firm (Munich office). He has over 15 years of professional experience advising German and international clients on banking, regulatory and payment law, including anti-money-laundering law.



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