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On 9 July 2024, the German Federal Financial Supervisory Authority ("BaFin") published an updated draft of the interpretation and application notes on the Anti-Money Laundering Act ("GwG") pursuant to Section 51 (8) GwG and made them available for consultation ("Draft Consultation Paper").
In the draft consultation paper, in line with its current administrative practice, BaFin clarifies the requirements for obliged entities and adapts them to current developments in the financial sector without, however, wanting to anticipate the entry into force of the anti-money laundering package at EU level.

Platform regulation at EU level never stops. The Digital Services Act ("DSA") has only been applicable as a flagship regulation for all affected players since the end of February 2024, and there are already new plans by EU legislators to make intermediary services even more liable.

The drafting of the PSR is in full swing: the European Parliament has adopted the European Commission's legislative proposal with some amendments. The draft amendment contains, among other things, new exemptions for payment services, stricter liability rules for fraud prevention and obligations for access to mobile devices for front-end services.

PSD3 is taking shape – the European Parliament has adopted the European Commission's legislative proposal with some amendments. The draft amendment provides for shorter deadlines and simplified authorisation requirements, amended exemptions for cash and e-money tokens as well as the national deadline for loan repayments. These will now be the subject of negotiations between the European Parliament and the Council of the European Union.

Is MiCAR fit for the digital age?

MiCAR should be seen as an important step towards European harmonisation of crypto regulation, but uncertainties remain

National application procedure to comply with the European requirements, with transition period extended to 10 November this year