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 legislation in our comparison, including our comments, in the following entry: “Draft law to implement the Fifth Anti-Money Laundering Directive – what is coming and what will remain the same?”.
The draft law is essentially the implementation of the AMLD5. However, it also includes amendments of various other laws, particularly the German Banking Act (KWG). Today, in PayTechTalk 38, we would like to provide you with an overview of the key changes.
The draft law of the German Ministry of Finance regarding the implementation of the AMLD5
In today’s talk we are going to discuss the extension of the list of obliged persons, e.g. wallet providers, exchange platforms and foreign payment institutions as well as e-money institutions. In light of this we will also be looking at some new legal definitions, e.g. the term “crypto value”, which is set to be interpreted quite widely. Whatever hasn’t managed to get to a safe zone on the count of three, will be “arrested” as a crypto value.
We will also be talking about some of the wider consequences for the industry. Will Miles & More points be considered crypto values in the future? Or will air miles be classed as e-money? This could spark an interesting discussion. Consumers will be able to sit back and relax while following the debate but purveyors of loyalty programmes will not. It could mean they will be caught between a rock and a hard place. Another interesting aspect is that foreign institutions may in future face fines in Germany. Come again? Yes, BaFin may have a direct means of sanctioning companies domiciled in another EU Member State in future.
As we have only covered what we believe to be the key issues, we are interested in hearing whether there are any other points you believe we should be covering on PayTechTalk or on our blog. If anything springs to mind, please don’t hesitate to get in touch. We are always happy to receive questions and ideas for further topics.
Enjoy PayTechTalk 39!
Further information and links:
- Blog entry: “Draft law to implement the 5th Anti-Money Laundering Directive – what is coming and what will remain the same?” https://paytechlaw.com/referentenentwurf-5-geldwaescherichtlinie/
- Detailed PayTechLaw overview on the changes brought by the AMLD5 incl. all amendments to the current version of the German Anti-Money Laundering Act (GwG) and the German Banking Act (KWG), with the respective reasons provided by the German Ministry of Finance: https://paytechlaw.com/wp-content/uploads/PayTechLaw_Referentenentwurf_GwG-und-KWG-mit-GBegr-1.pdf
Cover picture: Copyright © PayTechLaw