BaFin circular on virtual currencies

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A new circular by BaFin addresses BaFin’s concerns to financial institutions regarding AML-Compliance in connection with virtual currencies. The circular also indicates BaFin’s view regarding a license requirement for cryptoexchange platforms upon the „Bitcoin-ruling“.

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New Rules for Outsourcing by Banks, Payment Institutions and other institutions

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The European Banking Authority (EBA) published a draft of the EBA Guidelines on Outsourcing and launched a public consultation. The consultation period closed on 24 September 2018. The new Guidelines are planned to enter into force on 30 June 2019 and will add further provisions and regulations with regard to outsourcing arrangements.

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European Commission - enhancing European AML supervision by strengthening EBA?

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The European Commission envisages to fight money laundering terrorist financing more effectively by implementing an overall European strategy. EBA shall be strenghtened and able to supervise the EU member states and financial institutions in the EU.

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Central contact points under PSD2 and 4AMLD in Germany

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The second payment services directive (Directive (EU) 2015/2366, “PSD2”) as well as well as the fourth anti-money laundering directive (Directive (EU) 2015/849, “4AMLD”) gives EU member states’ (“Host Member State”) authorities the competence to require those payment service providers or e-money issuers having its head office in another EU member state and acting in the territory of that Host Member State in forms other than a branch to appoint a central contact point in the territory of that Host Member State. The appointment of such central contact point and the obligations connected with such appointment might have a significant impact on the provision of payment services or e-money business under the provisions of the European Passport.

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