In line with Article 96(6) of PSD II, payment service providers must submit statistical data on fraudulent cases according to different methods of payment to the supervisory authorities at least once each year. The relevant authorities concerned then send a summary of this information to the EBA and European Central Bank.
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 The criteria previously referred to as “Level 1” and “Level 2” proved insufficiently self-explanatory and have been replaced by the terms “Lower Impact Level” and “Higher Impact Level.”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.
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.
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