Add as a preferred source on GoogleGermany Draft Would Add Crypto Accounts to Automated AML Inquiry System
Providers would submit account holders’ identities, account identifiers and opening and closing dates, then retain records for 10 years after an account closes.
Germany’s Federal Ministry of Finance has proposed bringing crypto accounts into its automated account inquiry system, requiring providers to supply account details as part of a broader anti-money laundering measure.
Crypto-asset service providers would provide account holders’ identities, account identifiers, and account opening and closing dates. They would retain the records for 10 years after an account closes.
The draft would authorize the Financial Intelligence Unit (FIU) to order targeted monitoring of specified accounts where there is a significant risk of money laundering, related crimes or terrorist financing. Exchanges and other institutions would have to report the monitoring results.
The draft was published Oct. 28. The consultation period ends Nov. 19, and the proposed implementation date is July 10, 2027.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.