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  • Final Recommendations of the EBA on Notification Requirements for Non-Cash Transactions in the Context of PSD II
    The deadline for initial notification has been significantly extended from 2 to 4 hours following identification of the incident. Due to reorganization of the three notification types, it is no longer necessary to provide as much information in the initial and interim notifications. This is due to the newly introduced “completion” of the notification forms, meaning that only the final report needs to contain all information pertaining to the incident. The criteria previously referred to as “Level 1” and “Level 2” proved insufficiently self-explanatory and have been replaced by the terms “Lower Impact Level” and “Higher Impact Level.” For the Higher Impact Level criterion, the number of transactions concerned has been increased from one million to five million euros.
  • 4th Anti-Money Laundering Directive – Provisions of the EU, Germany Remains More Stringent
    The fourth Anti-Money Laundering Directive of the European Union was adopted on June 26, 2015, as a response to the changing requirements involved in the fight against money laundering. The EEA states had until June 26, 2017, to transpose the minimum requirements stipulated into national legislation. The differing degrees of strictness with which the member states abide by the Directive are reflected in their individual interpretations, with Germany complying comparatively closely with the minimum requirements. This can be seen in the mere scope of the newly introduced Geldwäschegesetz (Anti-Money Laundering Act). With 17 paragraphs divided into four sections, this was previously quite brief, but it now consists of 59 paragraphs divided into seven sections.
  • Allianz, Axel Springer, Daimler, Deutsche Bank with Postbank, Core, and Here to launch joint platform for online registration, e-identity and data services
    Leading German and European companies have stated their intention to cooperate more closely to establish a joint, pan-industry platform for online registration, e-identity and data services. The aim is to make online registration simpler and more secure for clients. The participating companies have signed a corresponding declaration of intent. The initiative was set up by Allianz, Axel Springer, Daimler and Deutsche Bank with Postbank as well as the technology think-tank Core, and Here Technologies, the location services provider.