The German government’s proposed legislation to implement the EU 5th Anti-Money Laundering Directive has important implications for estate agents, who will have to notify suspected money laundering hidden in leases worth over EUR €10,000 a month, including purchasing e-money, selling and online exchanges.
It also includes far-reaching licensing requirements for crypto-asset service providers when it becomes effective on January 1st 2020. The Bill proposes amendments to the following acts:
German Anti-Money Laundering Act (Geldwäschegesetz – the GwG).
The German Banking Act (Kreditwesengesetz – the KWG).