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Anti-Money Laundering (AML) Requirements in Germany

Germany has implemented various regulations to prevent money laundering and combat financial crime. This guide provides an overview of the key AML requirements in Germany.

General AML Requirements

All obliged entities in Germany must adhere to the following AML requirements:

Implement procedures for due diligence, reporting, and recordkeeping obligations.
Establish an efficient risk-management system to regularly monitor and report suspicious transactions.

Germany has introduced new regulations for crypto-related businesses since January 2020. These include:

Crypto Custody Business: A financial service anchored in the KWG (German Banking Act) that requires anti-money laundering requirements.
Anti-Money Laundering Requirements: Apply to all financial service providers offering crypto custody business and to obligated parties in case of a transfer of crypto assets with an equivalent value of EUR 1,000 or more.
Crypto Securities Registry Management: Included as a new financial service that requires anti-money laundering regulations.

Non-Fungible Tokens (NFTs)

NFTs can be qualified as crypto assets pursuant to Section 1(11) KWG if the primary purpose of acquisition is the corresponding increase in value upon resale on a crypto platform or peer-to-peer via a blockchain. As a result, money laundering regulations can be applied.

Compliance Programs

All obliged entities must maintain compliance programs with required elements, including:

An efficient risk-management system
Regular monitoring of due diligence, reporting, and recordkeeping obligations

Recordkeeping and Reporting Large Currency Transactions

General due diligence obligations are triggered by cash transactions exceeding EUR 1,000 or all other transactions exceeding EUR 15,000. Financial institutions must retain records regarding large and complex transactions as part of their customer due diligence obligation.

Cross-Border Transaction Reporting Requirements

For cross-border transactions, the Foreign Trade and Payments Act (AWG) in conjunction with the Foreign Trade and Payments Ordinance (AWV) apply, which entail reporting obligations to be filed electronically to the Federal Bank of Germany (Bundesbank). Payments exceeding EUR 12,500 must be reported by all residents in Germany, including companies, to the Federal Bank if they receive or make payments from a non-German resident or from a German resident.