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Anti-Money Laundering (AML) Regulations in Germany

The German government has implemented strict anti-money laundering regulations to prevent financial crimes. In this article, we will focus on the requirements for recordkeeping and reporting large currency transactions, cryptocurrencies, and non-fungible tokens (NFTs).

Key Points

Thresholds for Reporting

• The thresholds for reporting vary depending on the type of business or transaction:
  • Cash transactions: EUR 1,000
  • Gambling companies: EUR 2,000
  • Cryptocurrencies: EUR 1,000
• These thresholds are subject to change and may be adjusted based on future regulations.

Cryptocurrency-Related Businesses

• Crypto custody businesses are regulated under the KWG (Kreditwesenverordnung) and subject to AML requirements.
• Crypto securities registry management is also included in the KWG as a new financial service.
• These businesses must comply with all applicable laws and regulations related to cryptocurrencies.

NFTs as Crypto Assets

• NFTs can be qualified as crypto assets in Germany, making them subject to money laundering regulations.
• The primary purpose of acquisition determines whether they serve investment purposes or not.
• If an NFT is used for investment purposes, it will be subject to the same AML requirements as other cryptocurrencies.

Compliance Programs

• All obliged entities are required to implement procedures comprising:
  • An efficient risk-management system
  • Due diligence
  • Reporting and recordkeeping obligations
• These programs must be regularly updated and maintained to ensure compliance with all applicable laws and regulations.

Exceptions and Exemptions

Cross-Border Transactions

• Payments exceeding EUR 12,500 must be reported electronically to the Federal Bank of Germany (Bundesbank) in conjunction with the Foreign Trade and Payments Act (AWG) and the Foreign Trade and Payments Ordinance (AWV).

Exemptions

• The Federal Bank may issue exemptions to these obligations on a case-by-case basis.
• Any exemption will be subject to specific conditions and requirements.

By understanding the AML regulations in Germany, businesses can ensure compliance with all applicable laws and regulations related to recordkeeping and reporting large currency transactions, cryptocurrencies, and NFTs.